Damascus
The Central Bank of Syria affirmed on Wednesday, June 11, that monetary policy and the issuance of the national currency fall exclusively under its jurisdiction.
In a statement carried by the official Syrian News Agency (SANA), the Bank emphasised that matters related to monetary policy, the international financial transfer system (SWIFT), and national currency issuance are managed solely by the Bank. It stated that these functions are administered according to rigorous professional standards that prioritise public interest and ensure economic and financial stability.
The statement further noted that the Central Bank is committed to maintaining transparent and continuous communication with the public. It underscored the importance of enhancing public awareness of monetary policies and procedures and reaffirmed the Bank’s commitment to disseminating accurate information through official and authorised channels.
The Central Bank urged the public to verify the accuracy of information circulating in this context. It warned against engaging with rumours or analyses lacking a sound basis and encouraged citizens to consult the Bank’s official website and approved platforms for the latest updates and clarifications.
Two days earlier, the Governor of the Central Bank of Syria, Abdul Qader Hosriya, announced that Syria is preparing to rejoin the global SWIFT system for international payments within the coming weeks.
Read more: Syrian and Norwegian Foreign Ministers Discuss Bilateral Relations in Oslo
In an interview with the Financial Times, Hosriya stated that the move is part of a broader roadmap to restructure Syria’s financial system and monetary policy. He described it as a key component of the government’s efforts to rebuild the economy following years of sanctions and crisis.
Hosriya explained that re-establishing access to the SWIFT system would help facilitate foreign trade, lower import costs, boost exports, and attract the hard currency Syria urgently requires.
He added that the reconnection would also strengthen anti–money laundering efforts and reduce reliance on informal financial networks that have dominated cross-border trade in recent years.
“We aim to enhance the country’s image as an attractive financial centre,” Hosriya said, “particularly as Syria anticipates an influx of foreign direct investment for infrastructure reconstruction. This is vital for reviving the national economy.”
Hosriya confirmed that both local banks and the Central Bank have already received SWIFT tokens. The final step, he said, is for correspondent banks to resume processing international transfers.
On the subject of foreign currency control, Hosriya stressed that the government’s plan requires all foreign trade operations to be conducted exclusively through official banking channels. He noted that this measure aims to eliminate the role of money exchangers, who currently charge up to 40 cents in commission for every dollar entering the country.
