The Central Bank of Syria (CBS) announced that Syria has officially joined the Arab Monetary Fund’s (AMF) regional payment platform, BUNA—a move hailed as a major step toward modernizing the country’s financial infrastructure.
Dr. Abdulqadir al-Husriya, Governor of the Central Bank, described the decision as “an important step in the process of modernizing payment and financial transfer systems in Syria.” The announcement followed an official meeting between Dr. Husriya and Dr. Fahd al-Turki, President of the AMF, attended by Finance Minister Muhammad Barnieh.
Enhancing Payment Efficiency and Reducing Costs
Dr. Husriya explained that Syria’s accession to BUNA will allow national financial institutions to conduct payments in Arab and international currencies more efficiently and at lower cost. He said the platform will enhance customer experience, service speed, and payment reliability, including for instant transfers. He noted that BUNA enables central and commercial banks across the Arab region to conduct direct cross-border payments under high standards of security and compliance.
The platform’s advanced system reduces transaction times from days to minutes and lowers operational costs for banks. It is expected to improve financial transfers and trade, particularly with Gulf Cooperation Council (GCC) countries. BUNA also facilitates remittances from Syrian expatriates, providing a faster and more reliable financial channel to support the national economy amid ongoing recovery challenges.
Strengthening Monetary Policy and Institutional Liquidity
Dr. Husriya emphasized that BUNA operates on the principle of gross settlement, which increases liquidity efficiency for Syrian financial institutions and enhances the implementation of monetary policy.
He added that cooperation with the AMF will help bolster financial stability and could open pathways for technical assistance and financial support—including potential funding to bridge budget deficits or finance essential imports such as fuel and pharmaceuticals.
A Step Toward Regional Economic Integration
Syria’s participation in the BUNA platform represents a milestone in its gradual reconnection with the Arab financial system. By enabling secure, rapid, and low-cost cross-border payments, the initiative strengthens Syria’s position in regional trade and financial cooperation.
Officials believe this step could support Syria’s reconstruction and recovery efforts while deepening economic ties with neighboring countries. As the Arab region continues to advance collective financial integration, Syria’s membership in BUNA marks a strategic move toward economic revitalization and stability.
