As soon as popular protests began in Lebanon, some people began to wonder about the fate of Syrians' money in Lebanese banks, which were closed nearly a week ago, estimated at $ 30 billion, in light of the recent tightening imposed by Lebanese banks on Syrian deposits amid new indicators confirming the deterioration of the sector. Lebanese banking during the current period.

 

Concerns about the Syrian funds deposited in Lebanese banks prompted some Syrian traders to launch the so-called “last cry of salvation”, which called on businessmen to withdraw their money from the banks of Lebanon quickly, and put them in the Syrian banks on the principle of “your first country”, but some experts believe This step needs to be facilitated by the Syrian government and “business power” by businessmen.

 

Cry Rescue

 

Wasim al-Qattan, president of Damascus Rural Chamber of Commerce, who started shouting at his Facebook account, said that businessmen in the previous period could withdraw their money in Lebanese currency and then return it to Syria, as Lebanese banks are forbidden to withdraw the full amount in dollars. Prevent them from taking this step as they may lose a percentage of them, ”he said

 

Al-Qattan explained that the current problems in Lebanon will cause the Lebanese banks to refuse to give Syrian funds to businessmen at the moment to “run their economy” with the Syrians' money. He pointed out that after a period of crisis, these banks may agree to return the funds. He stressed that the best and safest step now is to return these funds to Syrian banks.

 

Al-Qattan stressed that the chambers of commerce should bear the responsibility of attracting businessmen and traders abroad, noting that the Presidency of the Council of Ministers recently approved the return of a company that was suffering from financial default and debts. And kick off her work.

 

Returning “Bedouin investment environment”!

 

President of Homs Chamber of Commerce Abdel Nasser Sheikh Fattouh, believes that providing a safe investment environment is one of the most important factors to attract Syrian funds from abroad, such as combating smuggling seriously to encourage traders to invest in the country, in addition to reducing imports and granting loans to industrialists with subsidized interest, and floating debts Troubled, especially as collateral exists when banks have risen in value.

 

Confidence crisis with Syrian banks

 

For her part, economist Rasha Seroub says that the government's goal should not be to develop policies that will encourage Syrian businessmen to withdraw their money from Lebanese banks; as much as creating a favorable business environment and providing a stable economic climate and the safety and dynamism of monetary and fiscal policies, and the rest becomes Collections, both in terms of the return of Syrians' money abroad not only from Lebanon; but from various countries in which they have funds and frozen funds, or from non-Syrians to invest inside Syria.

 

She added that this will not be achieved with such simplicity or expectation; that Syrian businessmen will quickly withdraw their funds from Lebanese banks and deposit them in the banking system inside Syria, since there is essentially a structural crisis of confidence in the economic and investment climate in Syria in general and in the Syrian banking sector in particular. It is a problem that has been rooted for decades. The Syrians' money has always been and is still outside the Syrian banking system.

 

Money will not go to the Syrian banks!

 

Sirob predicted that whatever facilities and incentives were offered, and if the Syrians decided to withdraw their funds from Lebanese banks, they would not turn to the Syrian banking system (at least in the short term), but would look for other alternatives either in the form of deposits in countries other than Lebanon, or keep these. Withdrawals (hoarding) outside the Syrian banking sector - if they enter Syria - until the vision in the Lebanese reality is clear.

 

Serop explained that no economist or banker can determine the amount of money in Lebanese banks as they are subject to banking secrecy, but according to estimates of changes in the volume of deposits of non-Lebanese and according to some Lebanese authorities, the volume of funds of Syrians in Lebanon exceeds $ 30 billion, of which $ 10 billion came out During the war, it constitutes 50% of Syria's international reserves before the war.

 

The impact of the Lebanese crisis on the Syrian banks!

 

Seroub points out that the serious problem that should be noted is not only the reality of the money and deposits of Syrians abroad, but also the repercussion of this crisis on the funds and deposits of Syrians inside the private banking system in Syria. Or by virtue of the relationship with the parent companies of these banks - very large figures in some private banks exceeded 50% of the deposits of customers and banks, and we do not know the extent of our private banks can withdraw their money from Lebanese banks, or the amount of loss that will result when withdrawing these funds, Ash that a large part of the deposits is a term deposits, which means reflection on the Syrian banking sector, which entered the central care since the start of the war has not yet entered the recovery phase.

 

Fixing the exchange rate is the basis

 

Economic expert Shadi Ahmed believes that the government should provide the necessary facilities for Syrian businessmen, such as speeding up the implementation of the investment law, which has long been discussed, which should include important incentives and facilities to ensure the coming Syrian capital to find the same working environment suitable for investment available Abroad.

 

He added that the facilities include relying heavily on electronic payment methods, opening a wide door for modern projects, and easing bureaucratic restrictions that do not help attract these investments from abroad.

 

Ahmed pointed out that one of the most important factors to attract Syrian funds from the private sector