5 days ago
Damascus Stock Exchange to Reopen on June 2
Syrian Finance Minister Mohammad Yasar Barnieh announced that the Damascus Stock Exchange will reopen on Monday, June 2, following the completion of necessary reviews and procedures.
According to the Syrian state news agency SANA, the minister confirmed that measures have been taken to ensure compliance with anti-money laundering regulations and to prevent the misuse of the market. Initially, trading will be limited to three days per week.
Barnieh stated that the reopening aims to help stimulate the economy and revitalize financial transactions. He also revealed that preparations are underway for a comprehensive development plan for Syria's capital markets. This plan includes upgrading trading systems, implementing electronic clearing and settlement processes, enhancing digital services, expanding investment tools, and encouraging both supply and demand in the financial markets. Raising public awareness about the market is also part of the initiative.
The minister noted that a thorough review and update of existing financial legislation is being planned to align with modern trends, global standards, and sound international practices. The goal is to strengthen the role of the stock exchange in supporting economic development and funding.
Trading on the Damascus Stock Exchange was suspended in early December last year due to the urgent need to assess the operational and financial status of listed companies. The suspension allowed time for these companies to disclose the extent of damages and losses and to reduce the risk of market manipulation and capital flight.
