Abdelkader Housrieh, Governor of the Syrian Central Bank, at the reopening of the Damascus Stock Exchange on June 2, 2025. (Credit: Louai Beshara/AFP)
Syria will be fully reconnected to the international SWIFT payment system “within a few weeks,” after several years of sanctions had barred it from access, according to new Central Bank Governor Abdelkader Housrieh in an interview published Monday by the Financial Times.
This marks a “first major milestone in the liberalized overhaul of Syria’s economy” by the new authorities, the paper said, following the U.S. sanctions relief announced last month after a meeting between U.S. President Donald Trump and his Syrian counterpart Ahmad al-Sharaa in Saudi Arabia.
The return to SWIFT “will help boost foreign trade, reduce import costs, and facilitate exports,” said Housrieh. It will also attract foreign currency, strengthen anti-money laundering efforts, and reduce dependence on informal financial networks for cross-border transactions. The Central Bank and commercial banks have already received their SWIFT codes, and only need correspondent banks to resume processing transfers, he said.
Social security, investment, banking reform
“We aim to strengthen the country’s image as a financial hub, especially given the expected foreign direct investment in reconstruction and infrastructure — this is crucial,” Housrieh told the FT. In office since April, he acknowledged that “a lot remains to be done” despite progress. Outlining his plan to restructure Syria’s financial and political system after years of war, he expressed hopes for the return of foreign investment, an end to trade restrictions, and a reformed banking sector. The stabilization plan, set to unfold over six to twelve months, also includes overhauling the financing of social security and housing “to encourage Syrians in the diaspora to invest in the country.”
Regarding the lifting of international sanctions, Housrieh said “a real policy shift is still needed.” “So far, we’ve only seen the issuance of licenses and selective lifting of certain sanctions. Implementation must be comprehensive, not piecemeal,” he said.
Turning the page on Assad-era interventionism
On banking reform, the governor said he wants to “turn the page on the interventionism of the previous regime and restore lending capacity, transparency, and trust.” Under the Assad regime, the Central Bank controlled the financial system, regulated loans, and restricted withdrawals, he explained. The goal now is to “reform the sector through recapitalization, deregulation, and restoring its role as a financial intermediary between households and businesses.” “The plan is for all foreign trade to go through the formal banking sector,” Housrieh added, which should eliminate the role of currency dealers who charged commissions of 40 cents per dollar entering Syria.
He also wants to “unify exchange rates” between the official Syrian pound rate and the black-market rate. The pound had lost 90 percent of its value against the dollar before the fall of the Assad regime, and the plan is to gradually shift to a managed floating rate.
No loans
Housrieh also said foreign investments will be backed by “guarantees” through a “public institution tasked with insuring private bank deposits,” which the Central Bank plans to establish.
Reviving the economy is the biggest challenge facing Ahmad al-Sharaa. To that end, Damascus has begun talks with the International Monetary Fund, which sent a delegation to the capital last week, and with the World Bank. Meanwhile, Saudi Arabia and Qatar last month settled Syria’s $15.5 million debt to the World Bank and announced plans to fund public sector salaries.
Due to Islamic religious law prohibiting interest, Syrian leaders have decided not to take on loans, the governor noted. However, “the Central Bank and Finance Ministry are studying the possibility of issuing sukuk” — Islamic financial certificates similar to bonds but compliant with Sharia law.
