Syria’s banks brace for worst as civil war batters economy
Syrian banks prepare for worst-case scenarios after profits tumbled by between 40 and 90 per cent last year as the civil war further weakens the financial sector. Banking transactions such as trade finance or corporate lending have taken a big hit, while basic banking services continue despite the challenging environment. Therefore, several banks, including Byblos Bank Syria, have developed emergency plans to preserve business continuity. However, Syria's private lenders, an important part of president Bashar Al Assad's economic modernisation plan, are struggling with a mismatch of assets and liabilities.