Minister of Economy: Syria will adopt the American financial system with local modifications

The Syrian Minister of Economy and Industry, Nidal Al-Shaar, said on Saturday that his country is moving towards adopting the American financial system as a basis for restructuring the financial sector, with limited modifications that take into account the specificity of the Syrian reality.  

Al-Shaar explained that the aim of this step is to update the banking infrastructure and enhance transparency, allowing Syria to engage more broadly in the global financial system, while maintaining regulatory tools that suit the needs of the local economy.  

The minister indicated that the anticipated reforms will include developing banking legislation, simplifying financial procedures, and possibly introducing new digital tools, emphasizing that these changes will not affect economic sovereignty but will contribute to attracting investments and facilitating commercial transactions.