Izzat Traboulsi
Izzat Traboulsi | |
|---|---|
| Born | 20 November 1913 Syria |
| Died | 6 December 2000 (aged 87) |
| Other names | Ezzat Traboulsi, عزت الطرابلسي |
| Occupation(s) | Economist, politician, banker, author |
| Years active | 1947–2000 |
| Known for | First governor of the Central Bank of Syria; Minister of Economy and Trade of Syria |
| Notable work | L'agriculture syrienne entre les deux guerres (1948), Studies of public finances |
Izzat Traboulsi LL.M Ph.D.Econ (20 November 1913 – 6 December 2000) (; also spelled Ezzat Traboulsi, عزت الطرابلسي) was a distinguished Syrian economist, politician, banker, and author. He held the position of the inaugural governor of the Central Bank of Syria from 1956 until 1961 and later served as Minister of Economy and Trade under Head-of-State Nazim al-Qudsi and Prime Minister Khalid Al-Azm in 1962. His initiatives played a crucial role in shaping Syria’s financial institutions.
Education
At the age of 16, Izzat Traboulsi completed his Baccalauréat and initially pursued medical studies at Saint Joseph University in Beirut. Subsequently, he shifted his academic focus to law, enrolling at the University of Damascus. After a brief period practicing law, he secured a government scholarship around 1939 to study at Sorbonne University in Paris, where he earned a doctorate in Economics. Remaining in Paris throughout World War II until 1945, he finalized his PhD and further studied Political Science. During this time, he was briefly detained, possibly linked to his role as co-founder of the Arab Student Association in Paris. Upon returning to Syria, Traboulsi joined the faculty at the University of Damascus and also served within the judiciary in Damascus.
Political career
Izzat Traboulsi’s career advanced swiftly; in 1947, he was appointed Director at the Syrian Ministry of Finance and represented Syria at the United Nations Economic and Social Council that same year. By 1950, he became director of Latakia Port and subsequently took on the role of Director of Customs in 1951 while acting as an advisor to the Minister of Finance. His appointment as the first Governor of the Central Bank of Syria came in 1956, with his signature featured on Syrian banknotes from 1956 through 1961.
During his tenure as Governor, Traboulsi prioritized rejuvenating Syria’s industrial sector by advocating free-market reforms. This included legislation aimed at restoring ownership rights and providing compensation for factories nationalized during the United Arab Republic (UAR) era. These measures contributed significantly to Syria’s economic growth, with GDP increasing by 80% during the 1960s and reaching a peak growth rate of 336% in the following decade.
In January 1961, Dr. Traboulsi resigned from his Central Bank post, reportedly as a protest against Cairo’s refusal to release Syrian assets frozen in Egypt. He cautioned UAR leadership about the economic difficulties stemming from nationalization policies and currency unification efforts, positioning himself as a defender of private enterprise and market freedom. His departure was interpreted as an early indicator of forthcoming currency restrictions.
On October 8, 1961, he chaired a committee comprising thirteen members focused on economic and financial reforms designed to guide Syria’s recovery after the UAR dissolution. While the government endorsed his support for free trade and competitive markets, it deferred decisions regarding reversal of nationalizations to parliamentary authority.
Although supportive of Gamal Abdel Nasser personally, Traboulsi opposed currency unification policies and left Syria based on advice from Abdel Hamid Sarraj. After the collapse of the UAR in 1961, he was initially prevented from returning to Syria.
Following a counter-coup in April 1962 that brought Nazim al-Kudsi to power as Head-of-State and Khalid al-Azm as Prime Minister—both critical of union with Egypt—Traboulsi returned to serve as Minister of Finance. This administration aimed to reverse Nasser-era nationalizations and eliminate pro-Nasserist elements within government.
However, with the Baath Party’s takeover in March 1963 reinstating socialist economic policies aligned with Nasserism, both al-Azm and al-Qudsi went into exile. Isolated politically, Traboulsi relocated permanently to Beirut.
Throughout Syria’s turbulent post-UAR years, Traboulsi remained an influential figure in political and economic spheres, contributing significantly to restructuring its financial system while holding office as Minister of Economy and Trade amid frequent regime changes.
Banking career
Following 1963, Dr. Traboulsi served as an advisor to King Faisal, who implemented significant reforms and modernization in the financial system of Saudi Arabia; Traboulsi maintained a Saudi citizenship until approximately 1971. During the late 1960s, he resided in Kuwait for roughly two years. Around 1972, responding to a request from Sheikh Zayed bin Sultan Al Nahyan, he developed the financial framework for the United Arab Emirates Central Bank.
In 1973, Dr. Traboulsi took on the role of Middle East representative for BNPI, a position he held for nearly ten years, predominantly operating out of Paris after departing Lebanon due to the outbreak of civil war in 1975.
He was appointed General Manager of BLOM Bank S.A.L. in Beirut in 1987, a capacity he fulfilled until 1997, after which he assumed the roles of Chairman and Board advisor, continuing until his passing in 2000.
Published work
“L'agriculture syrienne entre les deux guerres” (Beirut, 1948).
“Studies of public finances,” a collaborative work with former Syrian Minister Awad Al-Barakat, analyzing Syria’s political and economic evolution.