Editing Economy of Syria (section)

===Services===
Services accounted for 60.4% of [[gross domestic product]] (GDP) in 2017<ref name="CIA World Fact Book – Syria's Economy" /> and employed 67% of the labor force, including government, in 2008.<ref name=cp11>[https://www.cia.gov/the-world-factbook/countries/syria/ The World Factbook]. Cia.gov.</ref> In May 2009, it was reported that Damascus office prices were skyrocketing.<ref>{{Cite web|url=http://infoprod.co.il/main/siteNew/index.php?langId=1&mod=article&action=article&Admin=qwas&stId=254|title=Damascus office prices are skyrocketing}}{{Dead link|date=May 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

====Banking and finance====
[[File:BankSharqAndBlueTower.jpg|thumb|280px|Bank Al-Sharq and the [[Blue Tower Hotel]] in Damascus]]

{{main|Banking in Syria}}

The [[Central Bank of Syria]] began operations in 1959. It controls all foreign exchange and trade transactions and gives priority to lending to the [[public sector]]. The Central Bank has been subject to US sanctions since May 2004, which has accused the Bank of [[money laundering]].<ref>{{cite web|url=https://obamawhitehouse.archives.gov/the-press-office/2011/04/29/executive-order-13572-blocking-property-certain-persons-respect-human-ri |title= U.S. trade and financial sanctions against Syria
 |date=29 April 2011|via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |access-date=2012-08-24}}</ref> These US sanctions may have increased the role of Lebanese and European banks because a ban on transactions between U.S. financial institutions and the Central Bank of Syria created an increase in demand for intermediary sources for US$ transfers.{{Update after|2010|11}}<ref name=cp11/> The United States, European Union, [[Arab League]] and Turkey all also imposed sanctions on the Central Bank because of the Civil War.<ref>{{cite news | url=https://www.reuters.com/article/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 | work=Reuters | first=David | last=Cutler | title=Factbox: Sanctions imposed on Syria | date=28 November 2011 | access-date=1 July 2017 | archive-date=24 September 2015 | archive-url=https://web.archive.org/web/20150924160722/http://www.reuters.com/article/2011/11/28/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 | url-status=live }}</ref>
<ref>{{cite news| url=https://www.foxnews.com/world/turkey-slaps-economic-sanctions-on-syria/ | work=Fox News | title=Turkey Slaps Economic Sanctions on Syria | date=30 November 2011}}</ref>

The six specialized [[Public bank|state-owned banks]] – the Central Bank of Syria, [[Commercial Bank of Syria]], Agricultural Co-Operative Bank, [[Industrial Bank (Syria)|Industrial Bank]], Popular Credit Bank, and Real Estate Bank – are major financial operators. They each extend funds to, and take [[Deposit (finance)|deposit]]s from, a particular sector. The Industrial Bank also is directed more toward the public sector, although it is [[Market capitalization|under-capitalized]]. As a result, the private sector often is forced to bank abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. Many [[business people]] travel abroad to deposit or borrow funds. It is estimated that Syrians have deposited US$6 billion in [[Lebanon|Lebanese]] banks.

In the 2000s, Syria started reforms in the [[financial sector]], including the introduction of [[private banks]] and the opening of the [[Damascus Securities Exchange]] in March 2009.<ref name="AP">[https://web.archive.org/web/20120212075555/http://www.google.com/hostednews/afp/article/ALeqM5gPsB6CSsyXUgWdxEsC0B_O-jqV-w "Syria launches first stock exchange"]. Google, AFP (10 March 2009).</ref> In 2001, Syria legalized private banks and the sector, while still nascent, has been growing.<ref name=USState2010/> Foreign banks were given licenses in December 2002, under Law 28 March 2001 which allows the establishment of private and [[joint-venture]] banks. Foreigners are allowed up to 49% ownership of a bank, but may not hold a controlling stake.<ref name=cp11/> As of January 2010, 13 private banks had opened, including two [[Islamic bank]]s.

Syria took gradual steps to [[Economic liberalization|loosen controls]] over [[foreign exchange market|foreign exchange]]. In 2003, the government canceled a law that criminalized private sector use of foreign currencies, and in 2005 it allowed licensed private banks to sell specific amounts of foreign currency to Syrian citizens under certain circumstances and to the private sector to finance imports. In October 2009, Syria further loosened its restrictions on currency transfers by allowing Syrians travelling abroad to withdraw the equivalent of up to US$10,000 from their Syrian pound accounts. In practice, the decision allows local banks to open accounts of a maximum of US$10,000 that their clients can use for their international [[payment card]]s. The holders of these accounts will be able to withdraw up to US$10,000 per month while travelling abroad.<ref name=USState2010/>

To attract investment and to ease access to credit, the government allowed investors in 2007 to receive loans and other credit instruments from foreign banks, and to repay the loans and any accrued interest through local banks using project proceeds. In February 2008, the government permitted investors to receive [[loan]]s in foreign currencies from local private banks to finance [[capital investment]]s. Syria's [[exchange rate]] is fixed, and the government maintains two official rates—one rate on which the budget and the value of imports, customs, and other official transactions are based, and a second set by the [[Central Bank of Syria|Central Bank]] on a daily basis that covers all other [[financial transaction]]s. The government passed a law in 2006 which permits the operation of private money exchange companies. However, there is still a small [[black market]] for foreign currency.<ref name=USState2010/>

Since the start of the [[Syrian Civil War]] in 2011, there has been a [[capital flight]] to nearby countries. Syria has been subject to sanctions by United States, Canada, European Union, [[Arab League]] and Turkey because of the civil war.<ref>{{cite news | url=https://www.reuters.com/article/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 | work=Reuters | first=David | last=Cutler | title=Factbox: Sanctions imposed on Syria | date=2011-11-28 | access-date=1 July 2017 | archive-date=24 September 2015 | archive-url=https://web.archive.org/web/20150924160722/http://www.reuters.com/article/2011/11/28/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 | url-status=live }}</ref><ref>{{cite news| url=https://www.foxnews.com/world/turkey-slaps-economic-sanctions-on-syria/ | work=Fox News | title=Turkey Slaps Economic Sanctions on Syria | date=2011-11-30}}</ref><ref>{{cite web |url=http://www.defenddemocracy.org/canadian-sanctions/ |title=Canadian Sanctions &#124; Foundation for Defense of Democracies |publisher=Defenddemocracy.org |access-date=2013-02-04 |archive-url=https://web.archive.org/web/20180806163208/http://www.defenddemocracy.org/canadian-sanctions/ |archive-date=6 August 2018 |url-status=dead }}</ref> The currency of Syria is the [[Syrian pound]] (SYP). The pound's official exchange rate has deteriorated significantly, falling from £S 47 for US$1 before the civil war to £S 1,256 as in June 2020.<ref>{{cite news |last1=Morad |first1=Abood |title=المركزي : تعديل سعر صرف الليرة السورية مقابل الدولار |url=http://jamahir.alwehda.gov.sy/economy/117422-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%B3%D8%B9%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D9%84%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D8%B1%D9%8A%D8%A9-%D9%85%D9%82%D8%A7%D8%A8%D9%84-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1.html |access-date=17 June 2020 |work=صحيفة الجماهير {{!}} حلب |date=17 June 2020 |language=ar-aa |archive-date=18 June 2020 |archive-url=https://web.archive.org/web/20200618231321/http://jamahir.alwehda.gov.sy/economy/117422-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%B3%D8%B9%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D9%84%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D8%B1%D9%8A%D8%A9-%D9%85%D9%82%D8%A7%D8%A8%D9%84-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1.html |url-status=dead }}</ref><ref name="www.barrons.com">{{cite news |last1=Presse |first1=AFP-Agence France |title=Syria Devalues Currency As New US Sanctions Hit |url=https://www.barrons.com/news/syria-devalues-currency-as-new-us-sanctions-hit-01592388004 |access-date=17 June 2020 |work=barrons.com}}</ref> On another hand, while its exchange rate for money transfer is £S 1,250 for US$1,<ref name="www.barrons.com"/> its non-official exchange rate (black market) plunged to around £S 4,000 for US$1 in March 2021.<ref>{{cite news |title=Syrian pound hits new low in ripple effect from currency woes in neighboring Lebanon |url=https://english.alarabiya.net/business/economy/2021/03/04/Syrian-pound-hits-new-low-in-ripple-effect-from-currency-woes-in-neighboring-Lebanon |work=Al Arabiya English |date=4 March 2021 |language=en}}</ref>

====Tourism====
{{main|Tourism in Syria}}
Tourism in Syria has greatly reduced as a result of the [[Syrian Civil War]] and its associated [[Refugees of the Syrian Civil War|refugee crisis]]. Tourism has been further impacted by the [[COVID-19 pandemic in Syria|outbreak of COVID-19]] that started in March 2020. The [[Economic sanctions|international economic sanctions]] imposed on Syria and the sharp drop in the value of the [[Syrian pound]] also adversely impact tourism in Syria.