The Central Bank of Syria (CBS) announced that the nation will be reconnected to the SWIFT global payments system within the upcoming weeks.
The Syrian Arab News Agency (SANA) quoted Abdul Qader Hasriyya, governor of the Central Bank of Syria (CBS), stating that the resumption of SWIFT operations in the country will facilitate the attraction of foreign currency and improve transparency in financial transactions. Moreover, it aims to diminish reliance on informal channels that have long been utilized in cross-border trade. He further explained that the new plan entails foreign trade being conducted through the formal banking sector.
This shift is expected to liberate money exchangers from the cycle of illicit profits, which had previously reached 40 cents on every dollar, Qatar News Agency reported.
Hasriyya mentioned that the Central Bank, in collaboration with local banks, has fulfilled the requirements for acquiring SWIFT codes.
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The final phase involves correspondent banks abroad resuming the processing of financial transfers, a process that necessitates a more open international environment and enhanced banking coordination.
In a related context, Hasriyya disclosed ongoing efforts to issue financial sukuk as a novel financing tool, in light of the state’s decision to refrain from external borrowing.
He regarded this initiative as part of a broader vision to fortify Syria as a regional financial center, coinciding with the acceleration of reconstruction projects that are anticipated to draw direct investments into the infrastructure sector.
SWIFT suspended its services in Syria in 2012, leading the nation relied on alternative financial networks for its international trade and financial transactions.
