Syria will be fully reconnected to the Swift international payment system “in a matter of weeks”, the country’s new central bank governor said, relinking the country to the global economy after 14 years of war and sanctions that rendered it a pariah state, SİA informs via Financial Times.
The return of Swift is the first major milestone in the new government’s liberalising overhaul of the Syrian economy — and a sign that the new authorities are moving fast to lure international trade and investment after the US lifted sanctions last month.
In an interview in Damascus, central bank chief Abdulkader Husrieh detailed a road map for restructuring the country’s financial system and monetary policy in order to rebuild the decimated economy. He hopes to bring back foreign investment, remove barriers to trade, normalise the currency and reform the banking sector.
We “aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial,” Husrieh told the Financial Times. “While significant progress has been made, there’s still much work ahead.”
Syria has been cut off from global markets since 2011, when then-president Bashar al-Assad violently repressed a popular uprising, triggering a full-scale civil war. When Assad was overthrown by Ahmed al-Sharaa and his rebel alliance last December, the economy was in freefall and state coffers drained.
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