Syria set to reconnect with global economy after 14 years of isolation

Syria is poised to be fully reconnected to the SWIFT international payment system within weeks, marking a critical step in reintegrating the country into the global economy after 14 years of war and sanctions, the nation’s new central bank governor announced.

Abdulkader Husrieh, appointed earlier this year, outlined the government’s ambitious plans for economic reform and recovery in an interview with the Financial Times, Caliber.Az reports.

“We aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial,” he said. “While significant progress has been made, there’s still much work ahead.”

Cut off from global markets since 2011 due to a brutal civil war sparked by the Assad regime’s violent suppression of uprisings, Syria’s economy had collapsed under sanctions and conflict. The recent overthrow of Bashar al-Assad by Ahmed al-Sharaa and his rebel alliance last December has shifted the political and economic landscape dramatically. The new government has embarked on liberalizing reforms to attract international trade and investment, buoyed by the United States lifting sanctions last month.

Husrieh detailed a roadmap for stabilizing the financial system and monetary policy, including banking reforms, currency unification, and efforts to attract diaspora investment. “The central bank previously micromanaged the financial system, over-regulated lending, and restricted deposit withdrawals,” he explained. “We aim to reform the sector through recapitalisation, deregulation and by re-establishing their role as financial intermediaries between households and businesses.”

The return of SWIFT will facilitate foreign trade, reduce import costs, boost exports, and bring much-needed foreign currency into Syria, while enhancing anti-money laundering measures and formalizing cross-border transactions. “The plan is for all foreign trade to now be routed through the formal banking sector,” Husrieh said, ending reliance on informal money changers who charged steep fees.

Syria is also engaging with the IMF and the World Bank, with regional allies Saudi Arabia and Qatar providing financial support, including debt clearance and public sector salary commitments. The government is exploring new financing tools such as Sukuk—Islamic financial certificates—as part of its reconstruction strategy.

By Vafa Guliyeva