The Central Bank of Syria announced on Sunday, October 5, plans to establish a specialized Directorate for Consumer Protection in Financial Services to strengthen public trust in the country’s financial sector.

In a statement posted on Facebook, the Central Bank Governor, Abdul Qader Hasriyeh, said the new directorate aims to “institutionalize fairness and accountability in how financial institutions deal with their clients.”

The decision, he explained, comes in response to ongoing challenges in protecting consumers and improving service quality. The Central Bank seeks to create a more balanced and equitable banking environment to restore confidence in the financial system.

The new directorate’s responsibilities will include:
– Developing the legal and regulatory frameworks necessary to safeguard financial consumers’ rights.
– Receiving and transparently handling complaints.
– Monitoring financial institutions’ compliance with professional conduct and fairness standards.
– Implementing public awareness programs to promote financial literacy.

Hasriyeh added that the Central Bank is preparing a draft law on consumer protection in financial services aligned with international best practices and aimed at reinforcing financial stability in Syria. He described the move as “a milestone in developing Syria’s financial system” and a step toward rebuilding mutual trust between citizens and financial institutions, while acknowledging the “heavy legacy” the Bank continues to confront.

Banking Sector Reforms

Hasriyeh previously announced a series of reform measures in the banking sector, predicting growth over the next five years despite challenges such as liquidity shortages and limited international integration.

In a September 16 interview with Sky News Arabia, he reiterated the state’s commitment to protecting depositors’ savings and rejected what he called “forced deductions,” urging citizens to support the national economy rather than hoard cash or turn to foreign currencies.

The governor emphasized the importance of “financial inclusion,” noting that the Central Bank is working to facilitate domestic money circulation and restore confidence in the banking network.

He revealed that remittances from the United Arab Emirates alone reach between 700 and 800 million USD annually, and that the official exchange rate has become close to the parallel market rate.

Hasriyeh clarified that the decision to remove two zeros from the Syrian pound and issue a new currency series is not a mere “technical redesign,” but a step to simplify transactions in an economy burdened by inflation and currency depreciation. “The decision changes only the nominal value, not the actual purchasing power,” he explained.

Syria is preparing to introduce the new banknote series, reflecting the removal of two zeros from existing denominations, in an effort to bolster public trust in the national currency and stimulate the local economy.