Report: Syrian Bank Deposits Being Moved to Lebanese Banks
Syrian banking deposits are being withdrawn from the Arab country, with some of them being placed in Lebanese banks, reported Robert Fisk in The Independent on Friday.
He said: “The real fear for Syrian President Bashar Assad is not oil sanctions, but banks.”
He explained that Assad is concerned with the £12 billion in foreign reserves that used to be in the Syrian Central Bank in February.
This sum is now being reduced by as much as £50 million a week, said Fisk.
This prompted Syria to turn to cheap Iraqi oil to tackle the demand, he added.
“Nearly 10 percent of Syria's banking deposits disappeared in the first four months of 2011; £1.8bn was withdrawn, some of it ending up in Lebanese banks,” he stated.