DAMASCUS, (SANA) – The Central Bank of Syria (CBS) stressed that the U.S. sanctions against Syria's International Islamic Bank (SIIB) came in line with the package of U.S. and European sanctions on Syria which aimed at undermining and weakening the Syrian economy, in addition to increasing pressure on the Syrian people.
The CBS, in a statement on Thursday, said that the SIIB transactions are conducted under the supervision of the CBS as it is the case for all Syrian banks according to the international standards and principles.
The statement added that the SIIB foreign trade operations benefit clients who are not included in the sanctions whether they are individuals, private companies or public institutions.
It added that the bank's imported materials are allowed, indicating that there are no U.S. or European sanctions that prevent importing them to Syria.
The statement added that the bank uses the international filtering system to incoming and outgoing transfers and prevent operations for names included in the sanctions list, indicating that the bank has documents that prove the legibility of its transactions.
Regarding the SIIB connection with Syria Commercial Bank, the statement made clear that there are no reason to end such cooperation as long as it is subject to the Syrian laws and regulations in force and doesn’t violate the international sanctions.
The CBS stated that all Syrian banks, including the SIIB, have stopped their dealings in the USD since the U.S. sanctions against Syria on August, 18th, 2011.
The CBS added that the sanctions didn’t affect the bank since it has no assets in the US and that the bank will continue its activity.
The statement concluded that the CBS will spare no effort to take measures that support the Syrian banks and guarantee their high quality services to preserve its pioneering role in boosting national economy.
The CBS announced that it will take all necessary procedures regarding the illogical and unjustifiable decision taken by the U.S. Treasury Department.
Yesterday, the U.S. Department of Treasury took a decision to impose sanctions on SIIB, including freezing its assets held in the US and forbidding U.S. individuals and companies from any business with it.
R. Raslan/ Ghossoun