Currency Exchange Institutions

Law No. 24 of 2006, regarding licensing banking institutions, stipulates the establishment of institutions which engage in exchange activities for the purpose of buying and selling foreign currency notes (banknotes), and all means of payment denominated in foreign currencies and converting them in accordance with the provisions of this law and the applicable currency regulations. Exchange institutions are divided into companies and offices, knowing that the exchange companies (12 companies) carry out the purchase and sale of foreign currencies, in addition to receiving and executing remittances received from abroad, whether in foreign currencies or Syrian pounds. However, the exchange offices (4 offices) are not entitled to carry out any type of remittances.