Russia, Syria may establish joint bank

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Syria is interested in establishing a joint bank with Russia with the purpose of a possible switchover to the Russian ruble in mutual settlements, the Russian communications minister said on Thursday.
MOSCOW, November 20 (RIA Novosti) - Syria is interested in establishing a joint bank with Russia with the purpose of a possible switchover to the Russian ruble in mutual settlements, the Russian communications minister said on Thursday.

Igor Shchegolev said the issue was raised on Thursday during the sixth meeting of a Russian-Syrian commission on trade-economic and scientific-technical cooperation. Shchegolev is the commission's co-chairman.

He said the establishment of the bank would help remove problems regarding access by Syrian producers to the Russian market.

The Russian minister added that the bank would mainly service the activities of small and medium businesses.

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