End of financial isolation
Syria is preparing to rejoin the international financial system after 14 years of sanctions and war, with the country’s central bank confirming it will be reconnected to the Swift payment network “within weeks.”
The announcement marks a major milestone in Syria’s economic rehabilitation following the collapse of the Assad regime and the rise of a transitional government under President Ahmed al-Sharaa.
The move follows the lifting of US sanctions last month and is expected to accelerate foreign investment, rebuild banking infrastructure and improve the country’s battered economy. “We aim to enhance the brand of the country as a financial hub,” said central bank governor Abdulkader Husrieh.
Reform roadmap unveiled
Husrieh has laid out an ambitious roadmap for rebuilding Syria’s financial system. The plan includes recapitalising banks, unifying exchange rates, and establishing a managed float of the Syrian pound. Crucially, the government also plans to guarantee private bank deposits and phase out informal money transfer systems by routing all foreign trade through formal banking channels.
“Swift’s return will lower import costs, support exports, and help restore transparency and trust,” Husrieh said. Banks have already been assigned Swift codes, with only final clearances pending from correspondent banks.
Private investment and public support
The Syrian government has secured early-stage agreements with firms in the UAE, Saudi Arabia, and Qatar for infrastructure and energy projects. Meanwhile, Riyadh and Doha have cleared Syria’s $15.5 million debt to the World Bank and pledged to cover public sector salaries for the next three months.
Sweden has also pledged $80 million to support the rehabilitation of schools and hospitals, while the World Bank has approved $146 million for the energy sector. Rather than pursue traditional loans, Damascus is exploring the issuance of Sukuk – Islamic bonds that comply with religious rules against interest.
Challenges ahead
While Syria’s pound has regained some value since Assad’s ouster, it remains unstable. The new leadership faces enormous challenges in restoring confidence, managing inflation, and rebuilding public services.
Husrieh acknowledged the road ahead will be difficult but remains optimistic. “While significant progress has been made, there’s still much work to do,” he said.
The country is also in early talks with the International Monetary Fund and World Bank on broader recovery plans, as the government attempts to steer Syria out of isolation and into global markets for the first time in over a decade.
