Syria’s growth accelerates as sanctions ease, refugees return

A Syrian flag flutters above crowds in Hama celebrating one year since the fall of the Assad regime. (AFP)
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Updated 06 December 2025
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Syria’s growth accelerates as sanctions ease, refugees return

  • Economy grows much faster than World Bank’s 1% estimate, fueling plans for currency’s relaunch

NEW YORK: Syria’s economy is growing much faster than the World Bank’s 1 percent estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh has said.

Speaking via video link at a conference in New York, Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence. 

The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”

The US Treasury on Nov. 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the US Congress. 

Husrieh said that based on discussions with US lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”

“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.

Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders. 

Syria’s central bank has recently organized workshops with banks from the US, Turkiye, Jordan and Australia to discuss due diligence in reviewing transactions, he added.

Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound.

“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. “We are glad that we are working with Visa and Mastercard,” Husrieh said.


Ceasefire with Kurdish-led force extended for another 15 days, Syrian army says

Updated 25 January 2026
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Ceasefire with Kurdish-led force extended for another 15 days, Syrian army says

  • The defense ministry said the extension was in support of an operation by US forces to transfer accused Daesh militants to Iraq
  • The Kurdish-led Syrian Democratic Forces confirmed the ceasefire extension

RAQQA, Syria: Hours after the expiration of a four-day truce between the Syrian government and Kurdish-led fighters Saturday, Syria’s defense ministry announced the ceasefire had been extended by another 15 days.
The defense ministry said in a statement that the extension was in support of an operation by US forces to transfer accused Daesh militants who had been held in prisons in northeastern Syria to detention centers in Iraq.
The Kurdish-led Syrian Democratic Forces confirmed the ceasefire extension.
“Our forces affirm their commitment to the agreement and their dedication to respecting it, which contributes to de-escalation, the protection of civilians, and the creation of the necessary conditions for stability,” the group said in a statement.
Over the past three weeks, there have been intense clashes between government forces and the SDF, in which the SDF lost large parts of the area they once controlled.
Earlier in the day, the Kurdish-led force called on the international community to prevent any escalation.
The end of the truce came as government forces have been sending reinforcements to Syria’s northeast.
Syria’s interim government signed an agreement last March with the SDF for it to hand over territory and to eventually merge its fighters with government forces. In early January, a new round of talks failed to make progress over the merger, leading to renewed fighting between the two sides.
A new version of the accord was signed last weekend, and a four-day ceasefire was declared Tuesday. Part of the new deal is that SDF members will have to merge into the army and police forces as individuals.
The SDF said in a statement Saturday that military buildups and logistical movements by government forces have been observed, “clearly indicating an intent to escalate and push the region toward a new confrontation.” The SDF said it will continue to abide by the truce.
On Saturday, state TV said authorities on Saturday released 126 boys under the age of 18 who were held at the Al-Aqtan prison near the northern city of Raqqa that was taken by government forces Friday. The teenagers were taken to the city of Raqqa where they were handed over to their families, the TV station said.
The prison is also home to some of the 9,000 members of the Daesh group who are held in northeastern Syria. Most of them remain held in jails run by the SDF. Government forces have so far taken control of two prisons while the rest are still run by the SDF.
Earlier this week, the US military said that some 7,000 Daesh detainees will be transferred to detention centers in neighboring Iraq.
On Wednesday, the US military said that 150 prisoners have been taken to Iraq.