The Governor of the Central Bank of Syria, Abdul Qader Hasriyeh, said that the current policy of the bank is based on several main pillars, most notably: achieving monetary stability, building an institutional framework and tools for monetary policy, restructuring the banking sector, in addition to licensing new banks to meet the needs of the Syrian economy.
Hasriyah explained in an interview with the Qatar News Agency (QNA) on Sunday, August 17, that the value of the pound has improved by about 35%, and the gap between the official rate and the market rate has stabilized at limited levels, reflecting the success of the measures taken.
The bank continues its efforts to strengthen monetary stability, rebuild the institutional and supervisory framework of the banking sector, develop national payment systems, as well as attract investments and enhance confidence in the Syrian economy.
He confirmed that work is underway to develop national payment systems owned entirely by the Central Bank, in preparation for opening up to the private sector and expanding the scope of innovative financial services.
The value of the Syrian pound declined this week, with the exchange rate of the US dollar reaching 11,000 pounds, after an improvement following the fall of the previous regime, and months of stability at around 10,000 Syrian pounds per dollar.
The exchange rate had stabilized at an average of 15,000 pounds per dollar before the fall of the Assad regime on December 8, 2024, according to data from the “Syrian Pound Today” website.
Moving Away from Borrowing
Regarding external borrowing, Hasriyah stressed that the new economic policy avoids resorting to commercial loans or borrowing from global financial markets, preferring instead to focus on attracting foreign investment and securing financing from development funds.
He explained that this approach aims to avoid falling into debt crises that restrict the national economy, noting that the Syrian pound is not pegged to any foreign currency to preserve monetary independence.
On the subject of the banking correspondent network and the “SWIFT” system, he pointed out that the lifting of sanctions last May revived efforts to activate this network between Syrian banks and their global counterparts, stressing the importance of economic diplomacy, enhancing anti-money laundering systems, and updating legislation to provide foreign banks with reassurance in dealing with the Syrian sector.
He said that work is ongoing to audit and legally review external accounts, and study how to manage them within a future vision for the bank’s operations, noting that the obstacles are linked to legal issues related to loans from development funds, not political matters.
Updating the Central Bank Law
Hasriyah stated that attracting investments requires a pivotal role from the Central Bank through strengthening the banking sector, expanding correspondent networks, licensing new banks, addressing liquidity problems, and reforming the exchange system, thereby granting investors stability and the ability to repatriate their profits and capital.
He revealed that work is underway to update the Central Bank law to enhance its independence and to develop legislation for private banks in line with global standards, pointing out that more than 70 entities have expressed interest in establishing new banks in Syria.
Regarding the automation of banking operations, he explained that the bank is working to establish advanced infrastructure, build relations with the global financial system, and make major investments to modernize Central Bank systems, confirming that all these elements are included in the upcoming phase’s agenda.
Real Estate Financing Project
Hasriyah explained that the real estate financing project, whose foundations were laid in 2009 but were halted due to events, is now returning within an integrated plan in cooperation with the Ministry of Finance, to turn this right into a tangible reality. The project is based on a modern real estate financing system that takes income levels into account and allows tenants to purchase housing by converting rent payments into ownership installments.
The Central Bank governor sees this as contributing to the return of displaced people and the stabilization of families, stressing the need to balance demand with increasing supply in the real estate market to avoid unjustified price hikes and ensure long-term stability.
He pointed out that the coming phase will witness accelerated steps to enhance monetary stability, develop banking infrastructure, and expand cooperation with international partners, foremost among them Qatar, which he described as an inspiring model in economic and financial development, and a strategic partner in Syria’s reconstruction journey.
He praised Qatar’s continued support, considering it a tangible contribution to the development of the Syrian banking sector, whether through its partner banks or its expertise in supervision and digital transformation.
Lifting Restrictions on Money Transfers
On August 12, al-Hasriyah announced, via his “Facebook” page, the cancellation of all restrictions on money transfers between provinces, including the previous decision that required citizens and companies to submit advance requests.
He explained that the decision comes within the framework of supporting economic activity and facilitating commercial and banking transactions, while maintaining oversight of any suspicious or illegal activities.
He confirmed that this measure aims to facilitate liquidity movement between provinces, allowing money to be transferred freely within Syria without prior approvals, calling on everyone to commit to transparency and to use official and secure channels.
In a previous interview with Enab Baladi, Deputy Dean of the Faculty of Economics at Hama University and economic expert, Abdul Rahman Muhammad, said that the importance of the decision to lift restrictions on money transfers between provinces lies in:
Stimulating liquidity: Facilitating liquidity movement between provinces, enhancing the ability of individuals and companies to access funds.
Enhancing confidence: The decision reflects the government’s commitment to improving the business environment, which may increase investor and citizen confidence in the financial system.
Facilitating transactions: Canceling prior requests speeds up financial procedures and enables companies and individuals to complete their daily transactions more easily.
Syria’s Central Bank Governor “Hasriyeh”: Syrian pound has strengthened by about 35% Enab Baladi.
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