Syria Executes First International Bank Transfer via SWIFT System in 14 Years
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The Governor of the Central Bank of Syria, Abdulkader Hbeeb Al-Hassoun, said today, Thursday, that Syria executed the first direct international bank transfer this week via the SWIFT system for international payments since the outbreak of the war that lasted around 14 years. The step represents a significant achievement in Syria's efforts to reintegrate into the global financial system.
Al-Hassoun told Reuters in Damascus that the first commercial transaction was carried out from a Syrian bank to an Italian bank on Sunday, and that "the door is open for more." Al-Hassoun added that Syria expects to conduct the first transaction with an American bank "within weeks."
Syrian banks were largely isolated from the world during the war after Western countries imposed sanctions on Damascus, including the Central Bank of Syria, following President Bashar al-Assad's crackdown on anti-government protests in 2011.
Syrian banks were largely isolated from the world during the war after Western countries imposed sanctions on Damascus, including the Central Bank of Syria, following President Bashar al-Assad's crackdown on anti-government protests in 2011.
Since the fall of the Assad regime late last year, Syria has taken steps to rebuild its international relations, culminating in a meeting in May between Syrian President Ahmed Al-Shara and US President Donald Trump in Riyadh. The United States significantly eased sanctions on Syria at that time, with some in Congress pushing for a complete lifting of sanctions. Europe announced the end of economic sanctions on Syria.
