A year after the liberation of Syria, the country's monetary and banking sector underwent a radical transformation. The Central Bank of Syria launched a comprehensive national plan aimed at restoring monetary stability, building confidence, and reintegrating Syria into the regional and international financial system.
The most significant monetary policy step in the country was the issuance of Presidential Decree No. 293, which mandated the replacement of the old Syrian pound with a new one and authorized the Central Bank to implement this process.
Preparations for the Launch of the New Currency
During 2025, the Central Bank of Syria successfully prepared and printed the new Syrian pound with high-security features. These features aim to bolster confidence in the national currency, facilitate transactions, combat inflation, and support monetary stability. The Central Bank announced the launch date for this new pound, available in six denominations (5, 10, 25, 50, 100, and 500 pounds), as January 1, 2026.
Official Resumption of Operations via the SWIFT System
After a hiatus of approximately fourteen years, the Central Bank of Syria officially resumed operations through the SWIFT system. Governor Abdul Qader al-Hasriya sent the first official communication to all correspondent banks, including the US Federal Reserve, which confirmed receipt. This achievement marks Syria's entry into the global banking system.
This paved the way for reactivating foreign banking relations, facilitating financial transfers, and strengthening anti-money laundering requirements in accordance with international standards. Simultaneously, several international banks began adding Syrian banks to their systems, with the option to transfer funds to Syria becoming available at banks in Turkey, Italy, and Germany. The bank also opened accounts with other central banks.
Institutional and Technical Reform
As part of modernizing its administrative and technical infrastructure, the bank implemented advanced technical training programs to rehabilitate its staff, alongside upgrading its technical infrastructure and information security in coordination with the Ministry of Communications.
The bank also finalized its new organizational structure and defined the functional responsibilities of its units to meet the requirements of the next phase.
Liquidity Management
Furthermore, to ensure an effective liquidity and money supply management policy, the bank removed all restrictions on inter-governorate money transfers, unified exchange rate bulletins into a single official bulletin, and increased the permissible margins for banks to attract foreign currency, reduce the gap with the parallel market, and alleviate pressure on the Syrian pound. Coordination with the Ministry of Finance also aimed to halt deficit financing.
Protecting Depositors' Funds
In this context, the Deposit Guarantee Corporation was established to protect depositors' funds. This was accompanied by the issuance of flexible withdrawal and transfer regulations, creating a banking environment conducive to the return of remittances and investments from abroad, and strengthening the role of consumer protection by establishing a specialized department within the bank.
Anti-Money Laundering Authority
The Central Bank restructured the Anti-Money Laundering and Counter-Terrorist Financing Authority and prepared the National Plan for the period 2026–2028. Preparations were also made for the international mutual evaluation in 2027. Furthermore, national memoranda of understanding were signed and prepared, and the Central Bank actively participated in the Middle East and North Africa Financial Action Task Force (MENAFATF) and in workshops in Jordan and Saudi Arabia in cooperation with the Egmont Group. Coordination with the Ministry of Interior was also strengthened within the framework of integrated financial security to protect economic stability.
Joining an Arab Payments Platform
Over the past few months, the Central Bank approved the national infrastructure for electronic payments and is currently preparing to launch a central national switch linking ATMs, points of sale, and cards. A memorandum of understanding was signed with Mastercard, and an agreement was reached with Visa on a roadmap for digital payments, supporting financial inclusion and digital transaction tracking. The Arab Monetary Fund also approved Syria's accession to the "Buna" Arab Payments Platform.
Legislative Reform
On another front, the Central Bank worked on amending the Basic Monetary Law No. 23 of 2002 and repealing the unfair exceptional laws. It also prepared executive instructions for investment banks and launched a committee to oversee gold.
As part of efforts to revitalize the banking sector, the Central Bank is considering granting licenses to conventional, Islamic, and microfinance banks. It has also licensed 26 exchange and money transfer companies under its supervision. Furthermore, coordination with private banks has taken place on several other matters, and a policy paper has been adopted to establish an interbank money market.
International Cooperation
The bank reactivated its cooperation with the International Monetary Fund, the World Bank, the United Nations Development Programme (UNDP), and the Arab Monetary Fund. It also held joint workshops to develop monetary statistics and systems. Furthermore, it explored financial cooperation with friendly countries such as Saudi Arabia, the UAE, Qatar, Jordan, and Turkey, and participated in the Syrian-Jordanian Banking Summit in Amman.
These efforts collectively form a comprehensive national strategy through which the Central Bank is working to rebuild the monetary and banking sector. This strategy is based on the pillars of monetary stability, digital transformation, legislative reform, international reintegration, and financial inclusion. According to the Central Bank, this strategy serves as the governing framework for all current and future reform initiatives.
SANA
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