DAMASCUS: Syrian Arab Republic has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in the country’s push to reintegrate into the global financial system.
Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.
“The door is now open to more such transactions,” he said.
Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria’s central bank.
Assad was ousted as president in a lightning offensive by rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed Al-Sharaa and US President Donald Trump in Riyadh.
The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.
Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the UN.
Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.
The aim of the meeting was to accelerate the reconnection of Syria’s banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.
“We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,” Husriyeh told Reuters.
Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.
