Damascus, Oct. 11 (SANA) A landmark financial transaction was completed Sunday as Syria’s central banking authority issued its first letter of credit (LC) through a major U.S. financial institution in 14 years, backing a strategic oil import agreement.
The Central Bank of Syria confirmed in an official statement that the banking mechanism was established for the Syrian Petroleum Company to execute a commercial deal with Saudi Aramco, opening a direct channel for energy deliveries to the local market.
The central bank emphasized that the transaction marks a critical shift toward re-establishing official banking channels for strategic trade, establishing a reliable settlement and financing structure for national fuel imports.
The announcement follows high-level financial discussions in New York on October 5, where Central Bank Governor Safwan Raslan met with officials from the U.S. Federal Reserve Bank to discuss practical operations and account management between the two institutions.
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