Syria to license private banks

DAMASCUS, Syria, April 4 (UPI) -- Syria's Central Bank on Thursday said that beginning April 20, private citizens and foreign bankers may apply to open financial institutions in Syria.

The bank's governor, Mohammed Kabbara, told United Press International, the door for establishing private banks was opened with parliament's endorsement of a new banking law. Allowing private banks is part of President Bashar Assad's plan to open up Syria's economy after 30 years of a socialist-type regime.

Some private banks are already operating in the country's free-trade zones. Economic observers said they expected Lebanese and European banks to be the first to open branch offices in Syria.