Close to 100 billion Syrian pounds (Dh6.41bn), almost a third of all funds on deposit, has left the Syrian banking system since the conflict began last year, The National can reveal.
"We are in the danger zone, but it could get much worse," said an official at the country's stock-market in Damascus. "The crisis in Syria is very similar to that in Egypt, although it is a much smaller economy," added the official, who asked to remain nameless for fear of reprisals from the regime of Bashar Al Assad, the president.
According to the latest financial accounts from Syria's 14 listed banks, 95.6bn pounds has left the country's crippled banking system in the past year - 27.6 per cent of all funds on deposit. At the end of 2010 the banks had 442bn pounds on deposit. A year later that total had diminished to 346.4bn.
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