Syria Reportedly Rejoins Global Banking With First SWIFT Transfer in 14 Years
Syria has made its first international bank transfer using the SWIFT global payment system since the civil war began 14 years ago, Central Bank Governor Abdelkader Husriyeh said on Thursday, according to media reports.
First SWIFT Transaction
Husriyeh told Reuters in Damascus that on Sunday, a Syrian bank sent money directly to an Italian bank.
This is an important step for Syria as it tries to rejoin the global financial system.
“The way is now open for more deals like this,” said the central bank governor.
This news came shortly after a five-day visit from the International Monetary Fund (IMF), the first since 2009. The IMF team came to review Syria’s economic situation and help the country plan how to improve its financial policies.
Syria’s Economy
Syria’s economy shrank by 50% between 2010 and 2021. Rebuilding the country is expected to cost between $250 and $400 billion, according to the World Bank.
Over 90% of Syria’s 23 million people live in poverty. The Syrian pound has improved slightly to 9,000–9,500 per US dollar from 12,600, but it is still far from its pre-war value of 47 pounds per dollar.
In May, the United States relaxed sanctions on Syria. This allowed new investments, business activities, and banking transactions with Syria’s new government and its Commercial Bank. This came after President Donald Trump said he planned to remove all sanctions on Syria.
Later, the European Union also took steps to lift most economic sanctions, aiming to help Syria recover and move forward after the fall of President Bashar Al Assad.
New Investments
The easing of sanctions has brought some hope. Businessmen like Syrian Ghassan Aboud and Lebanese Imad Al Khatib have announced large projects — including a $200 million waste-sorting plant in Damascus and cultural projects.
Dubai-based Al Habtoor Group also said in early June that it plans to look at investment opportunities in Syria. The company’s founder, Khalaf Ahmad Al Habtoor, will visit Syria soon to explore possible projects in major sectors.
Published: 20th June 2025
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