In a significant step following Syria’s reinstatement into the SWIFT global banking system, the Governor of the Central Bank of Syria (CBS) announced the development of a new regulatory and supervisory framework aimed at reactivating and strengthening correspondent banking relationships between Syrian banks and their foreign counterparts. The move marks a practical beginning for the reintegration of the Syrian banking sector into the international financial system.
Pillars and Foundations of the New Framework
Governor Abdulqadir al-Husriya explained, through the bank’s official Telegram channel, that the new framework is built on several core principles designed to restore the confidence of international partners. Central among these is enhancing compliance with global standards for combating money laundering and the financing of terrorism (AML/CFT).
The framework also prioritizes transparency, rebuilding trust with international financial institutions, and modernizing payment systems and operational infrastructure within local banks to ensure secure, efficient, and seamless financial transfers.
Husriya stressed that the Central Bank will guide the banking sector’s efforts through a systematic and deliberate plan for international openness. Its role will extend beyond issuing standards to actively coordinating the work of local banks, enabling them to establish reliable partnerships with foreign institutions.
This approach aims to strengthen the capacity of Syrian banks to meet modern international banking practices, a fundamental requirement for stable and sustainable cooperation with the global financial community.
A Strategic Step Toward Recovery
This initiative represents a strategic shift in reinforcing the Syrian banking sector’s position within the global financial landscape. The new framework not only seeks to reopen channels of international banking communication but also ensures that Syrian banks are prepared to meet advanced international standards. This supports macroeconomic stability and enhances the banking sector’s role in Syria’s broader economic recovery and reconstruction phase.
These developments follow the Central Bank’s successful transmission of its first message via the SWIFT system on November 20, ending a 14-year absence caused by sanctions. This milestone effectively opens a new chapter in Syria’s banking relations with the world.
