Exchange companies plays an important role in meeting the local needs of foreign currencies for various purposes, especialy. with regard to things that meet unforeseen transactions.
These needs take to meet multiple forms, whether it is in the form of cash or in the form of traveler's checks , or in the form of checks drawn on their correspondents abroad , whether they are commercial banks or foreign exchange companies or foreign companies or using this advanced technology transfer to other forms of telegraphic transfer and by fax.
Number of exchange companies operating in Syria has reached about thirteen companies during the year 2008, which is con-sidered a turning point in the history of the Syrian economy through the openness that has been achieved as a result of the enactment of legislation and law governing and keeping up the developments of global market.
The 2016 is the year of first financial actual start of AlAnwar Exchange Company in Syria, and through which has been committed in the performance of its international accounting standards and is committed as well by controls and standards, instructions and decisions issued by the central bank of Syria, and laws in force that are directly related to the work of the group and issued by various official bodies.
As the strategic financial development in Syria has its impact on the start of the company, several points help - among them the following :
- Restructuring of the public banking sector.
- Promote integration between both public and private banking sectors.
- Anti - money laundering and financing of terrorism
- Openness and liberalization of domestic banking market and encouraging the establishment of private banks.
- Diversification the base of banking and financial business and the introduction of new products and services.
- Developing the role of the central bank.
- Regulating the exchange profession through low No. 24 and instructions to it and other developments which had a positive impact on the functioning and performance of a similar activity companies and that compared to previous years.