02.12.2011 06.Kislev. 5772
Until now Syria has been able to continue financing trade indirectly by depositing money in Damascus in subsidiaries of Arab banks.
Arab League economic sanctions against Damascus will jeopardize several billion dollars worth of Syrian trade finance carried out through Arab banks in the region, according to bankers.
They said Commercial Bank, Syria's largest state-owned bank which handles most public sector contracts, has relied increasingly on Lebanon's banking sector, as well as Jordanian and Gulf banks, to secure dollar-denominated lines of credit….