The Central Bank of Syria announces linking Syria to the SWIFT system within weeks.

Governor of the Central Bank of Syria, Mohammad Abdul Qader Al-Hasriya, announced the imminent full integration of Syria into the international "SWIFT" payment system within a few weeks, aiming to merge the Syrian economy with the global financial system after years of sanctions and challenges. Al-Hasriya explained to the "Financial Times" that the Central Bank has prepared a comprehensive plan to restructure the financial system and monetary policy, focusing on economic stability within 6 to 12 months. The plan includes banking legislation reforms, restructuring the central bank, reviewing the social security system and housing finance to encourage Syrians abroad to invest in their homeland. This comes amid close cooperation between the Central Bank and the Ministry of Finance to enhance Syria's position as an attractive financial center for investments. This step reflects growing ambitions with significant foreign investments entering Syria in the past six months, totaling around $16 billion. Qatar's "UCC Holding" stands out as the largest investor, allocating $7 billion to gas and solar power station projects. Meanwhile, the UN Development Program supports infrastructure rebuilding efforts with a $1.3 billion financing framework over three years, while European donors pledged an additional $6.5 billion for reconstruction during the Brussels conference last March. Syria is experiencing a marginal economic recovery after a significant decline in GDP from $67.5 billion in 2011 to $9 billion in 2023 due to years of war and sanctions, leading to an 85% economic contraction. The Syrian Central Bank hopes these steps will contribute to the country's return to the path of recovery and economic growth.