Syria's Central Bank Governor Dr Abdul Qader Al Hasriya has affirmed that the bank is continuing efforts to enhance monetary stability, rebuild the institutional and regulatory structure of the banking sector, and attract investment to boost confidence in the Syrian economy, Qatar News Agency reported on August 17.

In an interview with QNA, Dr Al Hasriya praised Qatar's continued support for Syria, stressing that this support contributes significantly to the development of the Syrian banking sector through partner Qatari banks and their expertise in oversight and digital transformation.

Dr Al Hasriya explained that cooperation areas between the Central Bank of Syria and Qatar Central Bank are broad and promising, representing an inspiring model for enhancing financial stability and national economic renaissance.

The governor said Qatar has been and continues to be a key partner and effective supporter of the Syrian people and national economy. He pointed out that Qatari support extended from contributing to the banking sector through establishment of the first Islamic bank in Syria and a conventional bank.

He explained that Qatar, along with Saudi Arabia, recently contributed approximately $15mn to settle Syria's debts owed to the World Bank Group, describing this step as having symbolic and political significance beyond its financial value.

"Qatar's experience in banking, whether in oversight, payment systems, or digital transformation, represents a model to be emulated in the region and the world," he said.

Dr Al Hasriya explained that the bank's current policy is based on achieving monetary stability, building an institutional framework for monetary policy, restructuring the banking sector, and licensing new banks to meet Syrian economy needs.

He explained that the Syrian pound's exchange rate has improved by approximately 35%. Work is underway to develop national payment systems fully owned by the bank in preparation for opening up to the private sector.

The governor stressed that the new economic policy avoids resorting to commercial loans or borrowing from global financial markets, preferring to focus on attracting foreign investment and providing financing from development funds.