Damascus, August 22 (QNA) - The Central Bank of Syria has announced the establishment of the Deposit Insurance Authority, in a move aimed at strengthening the country's financial system and restoring confidence in the banking sector.

Governor of the Central Bank Abdul Qadir Hasriya said in a statement on Friday that the new agency will work to safeguard depositors' funds under clear regulations and standards, while mitigating risks linked to potential failures of financial institutions. He stressed that the initiative is designed to create a safer environment for the return of investments and financial transfers.

Hasriya added that the measure forms part of a broader strategy to build a modern financial safety net in line with international best practices, underscoring the Bank's commitment to reinforcing the role of the banking sector as a key driver of economic development. (QNA)