Syria will return to the SWIFT international payments system within weeks, reconnecting the country to the global economy after 14 years of war and sanctions, the central bank governor announced.
Syria was cut off from global markets since 2011 when former President Bashar Assad violently suppressed a popular uprising, leading to comprehensive civil war. When Assad was overthrown by Ahmed al-Sharaa and his revolutionary coalition in December, the economy was collapsing and state resources had dried up.
Abdul Qader Al-Hasariya, Governor of the Syrian Central Bank, said Syria would fully rejoin SWIFT "within weeks", marking the first major milestone in the new government's efforts to liberalise the Syrian economy, according to the Financial Times.
The return to SWIFT represents concrete evidence that new authorities are moving quickly to attract international trade and investment following the United States lifting sanctions last month.
Al-Hasariya outlined a roadmap for restructuring the financial system and monetary policy to rebuild the war-torn economy, saying he looked forward to "restoring foreign investment flows, removing barriers to trade, stabilising the local currency and reforming the banking sector."
SWIFT codes have already been allocated to banks and the central bank, with the remaining step being for correspondent banks to resume processing transfers, Al-Hasariya said.
The central bank aims to channel all foreign trade through the official banking sector, eliminating the role of money changers who imposed hefty fees of up to 40 cents on every dollar entering Syria.
Dr Mazen Deirawan, adviser to Syria's Minister of Economy and Industry, told Sky News Arabia Economy that reconnection would provide "transfer speed and reduced costs to the lowest possible level due to local banks restoring their natural role of facilitating transfers to and from Syria."
Industrial economics expert Nidal Rashid Bakour said the move would facilitate formal financial transfers, particularly from Syrians abroad, relieving pressure on the black market and enhancing exchange rate stability.
The move would also facilitate import and export operations through opening documentary credits and improving access to essential materials, supporting the productive sector and limiting inflation.
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