Syria approves private banks, stock exchange

DAMASCUS, Syria (Reuters) -- Syria's ruling Baath Party on Saturday approved the establishment of private banks, ending 40 year of government monopoly of the sector.

Government officials said the meeting of the Regional Command of the Baath Party, chaired by President Bahar al-Assad, also approved plans for issuing a law on banking privacy and the establishment of a stock market.

Economic sources said the move was part of economic reforms promised by Assad when he took office following the death of his father, President Hafez al-Assad, on June 10.

Officials said the meeting also directed the relevant authorities to free up foreign currency rules and allow the free market to determine exchange rates.

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