Syria has made strides towards economic reintegration with its first electronic bank transfer in 14 years, marking potential recovery from war-induced isolation.
Syria Reclaims Financial Connectivity with Historic Transfer
Syria Reclaims Financial Connectivity with Historic Transfer
A major step forward in rejoining the global banking community after years of civil strife.
Syria took a notable step toward reconnecting with the international banking community, announcing on Thursday the completion of its first electronic bank transfer with a Western bank in 14 years. This crucial transaction, which occurred earlier in the week, is seen as a beacon of hope amid the continuous tensions in the Middle East, signaling tentative economic revival following the country’s protracted civil war.
"This step showcases gradual progress towards reintegrating the Syrian financial system into global financial channels,” stated Abdulkader Husrieh, the governor of Syria’s Central Bank, while confirming the transaction. The reactivation of the SWIFT system, known for facilitating electronic transfers among financial institutions worldwide, symbolizes an important pivot for Syria, which had faced isolation from the international financial community due to sanctions imposed post-2011 when the Assad regime suppressed pro-democracy protests, leading to a lengthy civil conflict.
With the ousting of President Bashar al-Assad in December 2024, following the rebels' takeover of the capital, Damascus, this transfer signals a potentially new era for the war-torn nation. Jassem Ajaka, a Lebanese economic expert, remarked, "This first SWIFT order is monumental; it signifies both the end of the crippling sanctions and Syria's reintegration into the international fold."
While challenges remain, this initial electronic transfer could pave the way for further transactions, heralding a potential recovery for the Syrian economy.
"This step showcases gradual progress towards reintegrating the Syrian financial system into global financial channels,” stated Abdulkader Husrieh, the governor of Syria’s Central Bank, while confirming the transaction. The reactivation of the SWIFT system, known for facilitating electronic transfers among financial institutions worldwide, symbolizes an important pivot for Syria, which had faced isolation from the international financial community due to sanctions imposed post-2011 when the Assad regime suppressed pro-democracy protests, leading to a lengthy civil conflict.
With the ousting of President Bashar al-Assad in December 2024, following the rebels' takeover of the capital, Damascus, this transfer signals a potentially new era for the war-torn nation. Jassem Ajaka, a Lebanese economic expert, remarked, "This first SWIFT order is monumental; it signifies both the end of the crippling sanctions and Syria's reintegration into the international fold."
While challenges remain, this initial electronic transfer could pave the way for further transactions, heralding a potential recovery for the Syrian economy.
