The Governor of the Central Bank of Syria (CBS), Abdul Qader Hasriyeh, stated that lifting US sanctions on Syria will help reconnect the banking system in Syria to the global financial transfer system “SWIFT.”
In an interview with Saudi Al-Hadath channel on Thursday, May 15, he confirmed that the bank had started working on activating the SWIFT system for international transfers, noting that more than 50 Arab and international banks have shown interest in opening branches and investing in Syria, even before the announcement of lifting the sanctions.
The bank is also working to attract investment from a French bank in Syria, according to Hasriyeh.
He clarified that the current state of the Syrian banking sector and its capital cannot meet investment requirements, and that lifting sanctions will allow for a comprehensive reform of the banking sector, restructuring, and revitalization, which will generate trust and provide an opportunity to deposit from expatriates.
He emphasized the importance of lifting US sanctions to free the Central Bank’s funds and the funds of the Syrian state, rebuild Syria’s reserves, and enable deposits in foreign banks, which would alleviate the burden of cash and earn profits from the deposits.
Hasriyeh indicated that the results of lifting US sanctions could be observed within a period ranging from six months to a year, assuring that the bank operates according to international standards with transparency and clarity, adhering to rules and laws, and integrating into the global financial system.
Regarding the bank’s future plan, the governor stated that “due to the sanctions, the Syrian economy has turned into a humanitarian economy, while today’s ambition is to leap from a humanitarian economy through a financial economy to an emerging economy.”
Dr. Ali Kanaan, Dean of the Faculty of Economics at the University of Damascus, confirmed to Enab Baladi on April 20 that the return of the global SWIFT network would help investors outside Syria move part of their funds and begin investments, encouraging expatriates to transfer money to their families more securely and at lower costs. Additionally, this system helps the flow of social, economic, and health aid to Syria.
Syrians have more than $250 billion invested outside Syria, and Kanaan anticipated that about 10% of this money would return upon lifting sanctions on the Syrian banking system, which would contribute to revitalizing Syria’s production and restoring its economy.
On May 13, US President Donald Trump announced from Riyadh the lifting of sanctions imposed on Syria during the time of the ousted regime, following discussions on the matter with Saudi Crown Prince Mohammed bin Salman, in order to give Syrians a new opportunity.
How al-Assad exploited the absence of SWIFT
Dr. Ali Kanaan, Dean of the Faculty of Economics at the University of Damascus, explained in a previous interview with Enab Baladi that the goal of US sanctions on Syria was to punish the Assad regime.
The prohibition of dealing between the Syrian banking sector and global banks hindered the financing of international aid through banks, as well as the transfer of money and payment for imports abroad through money transfer and transport companies, increasing costs and risks for the parties involved and raising prices by 40% to 50%.
The absence of SWIFT also negatively impacted legitimate merchants in Syria, leading to the emergence of a network of corrupt merchants with ties and partnerships with the Assad regime, appointed to control the funds coming in and out of Syria. This turned sanction into a means of stealing the Syrian people’s money, according to Dr. Kanaan.
The Assad regime exploited the sanctions imposed by the United States on the banking sector to conduct money laundering, especially from drug trafficking. Al-Assad transferred them through exchange companies or planes to obscure banks, including one in Abkhazia, from which they were converted to European and Asian banks under the guise of goods’ costs.
The Assad regime and its affiliates collected about 40% of the volume of external transfers by imposing fees on real merchants and utilizing them in import operations to launder the corrupt money within the country.
According to Dr. Kanaan, the volume of transfers annually was about $2.5 billion from expatriates to their families in Syria and around $4 billion for import costs from abroad.
Central Bank of Syria begins work to reactivate SWIFT Enab Baladi.
Read More Details
Finally We wish PressBee provided you with enough information of ( Central Bank of Syria begins work to reactivate SWIFT )
Also on site :