The Chairman of the Board of Commissioners of the Securities and Financial Markets Commission, Dr. Abdul Razzaq Qasem, revealed new strategic directions aimed at enhancing the resilience of the Syrian trading market and deepening its role in the economic transformation process.
During a seminar held at the Damascus Chamber of Commerce yesterday, Qassem announced a serious study to review the "price limits" of shares, with the aim of reducing the gap between the upper and lower limits, linking this to liquidity dynamics and ensuring the soundness of financial statements.
Balance in the "Economic Transit"
During the symposium, Dr. Qassem stressed that the transition towards a competitive free economy must be carried out with a "disciplined gradualism" that prevents a collapse in market mechanisms or disruption of the macroeconomic structure.
He called for the need to achieve harmony between the liberalization of the monetary and trade markets, considering that education, health and human development are the main pillars that ensure a sound economic transformation that reduces poverty and unemployment.
Shadow Economy
Qassem identified the structural challenges facing the Syrian economy, describing them as the dilemma of "stagflation" that combines weak demand with high prices.
The task is becoming more complex under the dominance of the "shadow economy", which has accounted for nearly 70% of economic activity over the past decades, requiring unconventional policy tools to address this reality, he said.
In this context, the Chairman of the Authority heralded an "enhanced supervisory and supervisory role" that goes beyond the traditional role, to transform into a developmental role aimed at combating corruption and transforming "commodity savings and hoarding" into a productive investment that serves social justice.
Qassem revealed the features of innovative financial instruments under preparation , including investment funds with a new look to enhance competition and prevent monopoly, Islamic sukuk, crowdfunding platforms dedicated to new projects and reconstruction, in addition to financing small projects: by pooling the savings of small investors and creating alternative financing instruments.
Qassem did not hide the magnitude of the challenges posed by the war, economic sanctions and limited resources as a result of weak circulation. The solution lies in "legislative solutions" and granting the authority broader powers to issue flexible financial instruments, and amending foreign investment regulations to remove obstacles that limit the attraction of foreign capital, he said.
Damascus Chamber of Commerce: The Authority represents the pillar of the next business environment
For his part, Dr. Amer Kharboutly, Director General of the Damascus Chamber of Commerce, stressed that the Authority represents a pillar of confidence in the upcoming business environment.
Kharboutly recalled the experience of 1936 in establishing the Damascus Water Traction Company as a leading model for public benefit joint stock companies, calling for this experience to be inspired in future strategic infrastructure projects through public shareholding companies that ensure a balance between profit and public interest.
The Damascus Securities Exchange was established by the Legislative Decree No. 55 dated 1/10/2006, which stipulated the establishment of a stock exchange in Syria, known as the Damascus Stock Exchange, and the Board of Commissioners consists of seven members, including four full-time members, including the Chairman of the Council and the Vice Chairman of the Council with experience and competence, in addition to the Deputy Minister of Finance, the Deputy Minister of Economy and Trade, and the Deputy Governor of the Central Bank of Syria.
The Board shall carry out all the functions of the Authority stipulated in Law No. 22 of 2005, as well as the regulations, rules and instructions issued pursuant thereto.