Syria will be fully reconnected to the SWIFT international payment system "in a matter of weeks" after more than a decade of sanctions, central bank governor Abdelkader Husrieh told the Financial Times in an interview published on Monday.
Husrieh explained that restoring access to SWIFT would boost international trade by lowering import expenses, supporting exports, and attracting foreign currency — a critical need for the war-torn economy.
The move is also expected to improve anti-money laundering mechanisms and reduce reliance on informal financial systems for cross-border transactions.
He emphasised a shift toward formalising financial flows, noting that all foreign trade will now be channelled through licensed banks rather than through unregulated money changers, who previously charged high fees — sometimes up to 40 cents on the dollar.
Syrian banks, including the central bank, have already been issued SWIFT codes, with the final hurdle being the resumption of transfer processing by correspondent banks.
To further encourage foreign investment, Husrieh said state-backed guarantees will support both public and private banking institutions.
Plans are underway to create a new government entity tasked with protecting private bank deposits, complementing the existing state support for public banks.
Looking ahead, the central bank aims to move away from the tight control characteristic of previous financial policies.
Husrieh outlined a broader agenda for reform, including loosening regulations, recapitalising banks, and restoring their primary function as intermediaries between households and the business sector.
Syria also hopes to reposition itself as a financial hub, especially as reconstruction and infrastructure development attract foreign direct investment.
“While we’ve come a long way, there’s still much to do,” Husrieh noted.
