Syrian authorities, seeking to attract foreign currency deposits, outlined terms on Tuesday for new certificates of deposit the government this month allowed the central bank to issue.
Banks in Syria can now place surplus foreign currency in euros and dollars into certificates of deposit in the central bank, the central bank's Credit and Monetary Council said.
The statement set the term dates of the certificates of deposits between one week and two years and the minimum deposit amount at $1 million or 1 million euros. It did not say how much interest the certificates would pay.
More than seven years of war and Western sanctions have battered the economy in Syria, where the army has battled rebel factions and Islamic State with the help of Russian jets and Iran-backed militias.
With the bulk of the country now under state control, President Bashar al-Assad hopes to revive the shattered economy and is inviting investors from ally nations to help rebuild.
REUTERS