Central Bank of Syria Governor Abdulkader Husrieh said the coming phase will see broad economic opening, with more than 22 American companies, including Visa, Mastercard, and Halliburton, interested in entering the Syrian market and taking part in reconstruction, energy, and transport projects.
In an interview with Asharq TV aired on Sunday, November 9, Husrieh said Syria aims to build direct relationships with these companies “without agents or intermediaries,” alongside government plans to turn Syria into a regional hub for Islamic finance and to double the number of banks by 2030.
He stressed the importance of restoring confidence in the banking sector and safeguarding the stability of the national currency, while preparing to launch modern financing tools, including Islamic sukuk. He emphasized that the country’s gold reserve remains a pillar of monetary sovereignty rather than an investment vehicle.
Husrieh said Syria is entering a new era and the government has “ambitious plans,” adding that the Syrian president’s visit to Washington will “provide the necessary political climate” to propel these investments.
He added that relations with the United States will reflect on Syria’s economy and open doors to new economic and investment opportunities, moving away from reliance on aid to cover the budget deficit or pay for wheat.
Husrieh said relations with the United States will not come “at the expense of ties with other countries,” stressing that “Syria is open to all states.”
Developing Islamic banking
The governor said Syria is working to double the number of operating banks by 2030 and to make the country a “regional center for Islamic finance,” alongside the Gulf states and Malaysia.
This requires “advanced financing solutions, ensuring liquidity for the banking sector, and offering Islamic financing alternatives alongside traditional interest-based tools,” he said.
He noted that Syria’s economic scale and geographic position give it strategic weight, and underlined the need to “capitalize on this political opening by raising performance across the financial sector commensurate with the rapidly evolving relationship.”
Husrieh said the Central Bank is executing a comprehensive plan to develop the financial and banking sector based on three main roles:
Providing investment to financial institutions. The Central Bank has issued executive instructions to license investment banks and has already begun talks with banks and investors seeking licenses to establish these new institutions. Reforming the banking sector and rehabilitating existing banks as a step toward licensing new ones, with a forward vision of reaching 30 operating banks by 2030. Approving a public policy paper to establish an Islamic Banking Center of Excellence to develop financing solutions for Islamic banks in infrastructure, small and medium enterprises, and housing, alongside tools that support monetary policy.He said Islamic banks in Syria currently use only two or three products out of more than seven globally recognized instruments, calling this “a major opportunity to expand the scope of Islamic banking.”
Husrieh confirmed continued cooperation with the Ministry of Finance and the Syrian Securities and Financial Markets Authority to develop modern financing tools, including issuing Islamic sukuk to finance the general budget and meet market liquidity needs, noting that this requires a legal and institutional framework now being prepared in coordination with the finance minister.
Gold reserves are not for investment
The Central Bank governor stressed that the gold held by the bank is not an investable reserve but a core reserve for the national currency and a symbol of economic sovereignty, adding that Syria aims to increase its gold holdings.
Every currency should be backed by a gold reserve, he said, noting that the reserve underpins monetary stability and is “a precious national legacy preserved by previous generations.”
He added that the strength of Syria’s economy does not rely solely on gold but also on its diverse human, agricultural, industrial, and tourism resources, which he considers “far more important than gold.”
He said the Central Bank’s role is to protect currency stability and keep inflation within target ranges, which is foundational for a stable investment climate.
Exposure to Lebanese banks
Husrieh said the deadline the Central Bank gave to private Syrian banks to cover losses from Lebanon’s financial collapse does not relate to the Lebanese side. The measure aims to “strengthen the resilience of Syria’s banking sector,” he said, noting no Lebanese banks are operating in Syria.
The Central Bank asked private banks to “disclose their exposure to jurisdictions with high credit-risk ratings and to take the necessary accounting provisions, including provisioning at 100 percent for Stage 3-classified debts.”
He said the Central Bank is satisfied with banks’ compliance and their cooperation in presenting restructuring programs when needed. The primary goal is to cement trust in Syria’s banking sector because “finance runs on confidence, not only on currency.”
He revealed the Central Bank is preparing a plan to lift liquidity restrictions that will be announced soon, stressing that restoring the confidence of clients and investors is an absolute priority.
Challenges to attracting investors
In earlier comments to Enab Baladi, economic researcher Munaf Quman said lifting sanctions alone is not enough to attract investors, noting additional challenges such as the absence of an updated, investor-friendly legal framework. He said the legal environment still needs substantial reforms to guarantee investors’ rights and streamline procedures.
Quman added that Syria suffers from a weak judiciary and dispute-resolution mechanisms, which makes investors cautious in the absence of confidence that contracts will be enforced. There is also long-accumulated administrative and procedural corruption that requires careful remedies.
Among the challenges, he cited the fragility of the banking system and concerns linked to security complexities and incomplete political stabilization in some areas.
On how damaged infrastructure affects investment decisions, Quman said the state cannot run a factory or distribute goods without reliable electricity, roads and ports, telecommunications, and effective financial services.
Regarding the size of the domestic market and purchasing power, he said Syria’s market is relatively small in current purchasing power terms due to declining incomes and high poverty rates. However, the Syrian diaspora represents additional purchasing power if investment in remittances, real estate, and education is encouraged.
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