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Syria's Central Bank to issue Treasury Securities
Real estate news By AME Info
Wednesday, October 10 - 2007 at 15:35
The Syrian President has issued a Law authorising the issuance of Treasury Securities by the Central Bank of Syria. This is the first time the issuance of Treasury Securities is allowed in Syria. The Law had been expected for a long time and the Governor of the Central Bank had said late last year that they would be issued as early as the first quarter of this year.
Law #60 sets two types of securities: Treasury Bills with a maturity of one year or less and Treasury Bonds with a maturity of one to thirty years. The Law also sets a ceiling of 80 percent of Gross Domestic Product (at market prices) for the Public Debt.
Currently, the Ministry of Finance borrows directly from the Central Bank the funds needed to finance the budget deficits and any other financing requirements. The Law now requires the Ministry to seek financing from the Central bank through Treasury Securities. No date has yet been set for the first issuance of these securities although they are expected early 2008.
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