The Syrian American Business Council revealed that, on the sidelines of the IMF–World Bank Annual Meetings in Washington between 14 and 21 October, a high-level Syrian government delegation led by Syria’s Finance Minister Mohammed Yosr Bernieh and Central Bank Governor Abdul Qader Hasriyeh met senior executives at JPMorgan Chase Bank, in a meeting hosted and facilitated by the Council.
According to a report the Council published on LinkedIn, the meeting is part of Syria’s ongoing financial reintegration efforts. Hasriyeh and Bernieh outlined comprehensive measures the government is pursuing to “restore monetary stability, rebuild institutional credibility, modernize public finance and tax frameworks, and attract foreign capital.”
JPMorgan Chase is a US global banking and financial-services giant, the largest bank in the United States and among the largest worldwide, offering consumer and commercial banking, investment banking, and asset management. The bank emerged from the 2000 merger of Chase Manhattan Bank and J.P. Morgan & Co.
The Syrian American Business Council is an independent, non-profit, non-political organization established in Washington to promote economic and trade cooperation between Syria and the United States. It aims to serve as a platform for building bridges, facilitating the exchange of expertise, offering insights for companies and investors, and supporting reconstruction and sustainable development in Syria.
Compliance remains the sticking point
“Compliance concerns” continue to hinder full reintegration between Syria’s financial system and the global financial system, the Council said, largely due to US banks’ limited visibility into Syria’s financial landscape.
In response, the Central Bank Governor set out “ongoing reforms to strengthen compliance, governance, and monetary stability,” alongside a nationwide gap assessment intended to address regulatory and operational shortcomings.
Following that assessment, the government is expected to roll out a remediation plan that will likely focus on “enhancing risk-management frameworks and strengthening anti–money laundering and counter–terrorist financing protocols.”
US–Syrian dialogue and fiscal discipline
The Council noted that the Central Bank’s measures are essential to “restoring foreign correspondent banks’ access to the Syrian market and enabling direct US dollar clearing and transfers to Syria in the future.” In the meantime, companies can route transactions through subsidiaries of regionally licensed banks.
The Syrian dialogue with JPMorgan follows organized consultations with the US Treasury, the Federal Reserve, the World Bank, and the IMF, reflecting Syria’s renewed commitment to fiscal discipline, institutional credibility, and rebuilding international banking relationships.
The Council added that the easing of US sanctions has created a historic opportunity for Syria to restore liquidity, attract foreign capital, and rebuild its financial infrastructure, noting that the US Treasury lifted Syria sanctions regulations to allow access to US investments, services, and transactions with Syria.
It also said the Syrian government issued a new regulatory framework that now permits the majority of Syrian economic sectors to conduct transactions denominated in US dollars, provided full adherence to US compliance standards, opening renewed opportunities for cross-sector investment and trade.
Days earlier in Washington, Finance Minister Bernieh discussed supporting Syrian reforms and capacity-building in public finance and the financial sector with Eric Meyer, US Deputy Assistant Secretary of the Treasury for the Middle East, saying that bilateral financial cooperation has advanced significantly.
JPMorgan encourages compliance, and a Fed account
According to the Council, the US bank praised Syria’s reform track and encouraged continued cooperation with the US Treasury and the Federal Reserve to meet global compliance standards.
The Council disclosed that “progress by the Central Bank of Syria toward establishing an account with the Federal Reserve Bank of New York represents a transformative step toward rebuilding Syria’s sovereign credit profile and regaining access to correspondent banking services.”
The Syrian American Business Council expressed pride in continuing to build institutional bridges and facilitate dialogue between Syrian and American financial institutions, as part of efforts to reintegrate Syria into the global financial and economic system.
Syria seeks a 1 billion USD grant
For the first time in over a decade, Syria is participating in the IMF–World Bank meetings in Washington, which began on 14 October, with a delegation headed by Finance Minister Mohammed Yosr Bernieh and Central Bank Governor Abdul Qader Hasriyeh , signaling a growing international willingness to reintegrate Syria into the global financial system.
On LinkedIn, the Finance Minister said in a meeting with Akihiko Nishio, the World Bank’s Vice President for Development Finance, that Syria is seeking about 1 billion USD in grants over the next three years.
Their discussion focused on “the components of the grants Syria could obtain in the coming period and the conditions attached,” which Bernieh said Syria now views with “clarity of options.”
Syrian “Central Bank” opens a financial channel with the US Federal Reserve Enab Baladi.
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