The Central Bank of Syria (CBS) announced it completed procedures to settle its banking relationship with the Federal Reserve Bank of New York and reopened its account there, marking what officials describe as a new phase in Syria’s financial reintegration. The move is part of broader efforts to reorganize the country’s external financial relations and strengthen integration into the global financial system.
Coordination with US Authorities
In an official statement, the CBS said the settlement followed months of technical and diplomatic engagement conducted in coordination with the US Department of the Treasury and the Federal Reserve.
The process included technical workshops and meetings between specialized teams from both sides, including representatives linked to Ambassador Thomas Barrack, the US special envoy to Syria and Lebanon. Discussions focused on meeting legal and technical requirements and restoring formal banking communication channels.
Managing Reserves and Strengthening Stability
According to the CBS, reactivating the account will allow for more efficient management of foreign currency reserves and provide secure channels for international transfers and payment settlements. Officials say this step is expected to enhance monetary stability, improve transparency and reinforce institutional compliance within Syria’s financial sector.
CBS Governor Abdulqadir al-Husriya described the development as a “strategic milestone” supporting Syria’s reintegration into the international financial system and strengthens confidence among global financial institutions.
Compliance and Anti-Money Laundering Reforms
Parallel to the settlement, the bank said it is upgrading compliance mechanisms and strengthening frameworks to combat money laundering and terrorist financing. This includes updating regulatory structures in line with international standards and implementing 40 recommendations issued by the Financial Action Task Force (FATF). The CBS added that priority will be given to financing productive, export-oriented projects, alongside continued development of electronic payment systems.
They emphasized economic indicators are showing signs of improvement, citing recent assessments from the International Monetary Fund (IMF) pointing to recovering macroeconomic conditions and renewed activity in key sectors. According to the CBS, these developments lay the groundwork for stronger and more sustainable growth in 2026 and beyond, reflecting what officials describe as a positive shift in Syria’s economic trajectory.
