Syria central financial institution vaults left unscathed by Damascus looters, sources say

By Timour Azhari and Maya Gebeily

DAMASCUS (Reuters) – The vaults in Syria’s central financial institution have been left unscathed by looters within the turmoil that briefly engulfed the capital Damascus after the overthrow of president Bashar al-Assad, a senior enterprise chief and three different sources instructed Reuters.

Syrian rebels had seized Damascus unopposed on Sunday after a lightning advance that despatched Assad fleeing to Russia after a 13-year civil battle and greater than 5 many years of autocratic Assad household rule.

Bassel Hamawi, head of the Damascus Chambers of Commerce, stated authorities had confirmed to him that looters had stolen some cash from the central financial institution constructing however that the principle vault had remained untouched. It was unclear how a lot cash was saved within the vaults.

“Crucial level is that the quantities within the central financial institution are nonetheless as they have been, there isn’t any infringement on the central financial institution and the cash within the central financial institution has been handed over to the brand new authorities,” Hamawi stated. 

Two different sources in touch with central financial institution officers stated they’d additionally been knowledgeable that looters who took to the streets of Damascus within the hours after the Assad regime’s army laid down its weapons didn’t breach the principle vault.

One other supply near the principle insurgent group, Hayat Tahrir al-Shams (HTS), who had met with the central financial institution governor stated all reserves have been current.

Sources stated each central financial institution governor Issam Hazima, appointed in 2021, and his deputy Maysaa Sabreen have been nonetheless working on the financial institution. Neither responded to Reuters requests for remark.

The central financial institution has not reported reserve knowledge in over a decade and it’s unclear how a lot it has at its disposal. 

The Worldwide Financial Fund, which compiles knowledge on central financial institution property across the globe, declined to touch upon Syria’s place.

The final estimates from the IMF and the St Louis Federal Reserve put Syria’s gross worldwide reserves at $18.5 billion in 2010 – earlier than its ruinous 13-year civil battle. 

In accordance with the World Gold Council, which tracks central banks’ gold holdings, Syria’s central financial institution held 12% of its reserves within the valuable metallic in June 2011 – amounting to 25.8 metric tons of gold. 

On Tuesday, central financial institution workers have been seen returning to work on the grand constructing within the centre of Damascus, submitting via the safety gates behind guarded entrance doorways. 

“God keen, we’ll begin a brand new shift, a brand new day, a brand new 12 months, a brand new life – every little thing new,” central financial institution worker Sumayra al-Mukli instructed Reuters as she acquired off the bus, smiling as she walked in the direction of the financial institution.