The Central Bank of Syria announced on Thursday, 4 December, that it had agreed with Visa on a roadmap to build a modern digital payments system and strengthen financial inclusion in Syria.
According to a statement the Central Bank published on its Facebook page, the first phase of the agreement will focus on supporting licensed banks to build a secure payment infrastructure and enabling merchants to accept payments through low-cost solutions such as QR codes and tap to phone.
Central Bank Governor Abdul Qader Hasriyeh said that Visa’s vision provides a clear path to accelerating modernization efforts and developing the payments sector in Syria.
Speaking via video link at the Reuters Next conference, Hasriyeh referred to the agreement, saying, “We are happy to work with Visa and Mastercard,” adding that Syrian officials will hold further meetings with Visa regarding the partnership.
He noted that the Central Bank is working to “create an integrated payment system that brings together global partners, to achieve the bank’s vision of making Syria a financial hub for the Levant region.”
Visa had earlier announced its intention to launch operations in Syria after agreeing with the Central Bank on a roadmap to develop the digital payments system.
In a statement carried by Reuters, the company said its immediate focus would be on working with licensed financial institutions to develop a robust and secure payments base, including issuing payment cards and enabling digital wallets in line with global standards.
Economic growth
Central Bank Governor Abdul Qader Hasriyeh said that Syria’s economy is growing at a pace “much” faster than the World Bank’s estimate of 1% for 2025, particularly with the return of refugees to the country.
While acknowledging that Syria lacks reliable economic data, he insisted that lower inflation and an improved exchange rate for the Syrian pound are signs of economic performance.
Hasriyeh told Reuters that the Syrian government is working with the International Monetary Fund (IMF) to develop methods for measuring economic data more accurately so that it reflects the economic recovery.
He described the lifting of many US sanctions imposed on Syria as “a miracle,” and said he expects the Caesar Act to be lifted by the end of 2025, based on discussions with US lawmakers, arguing that this would “reassure potential correspondent banks” about dealing with Syria.
Regarding the new currency, Hasriyeh said Syria is preparing to launch a new currency made up of eight banknote denominations, adding that the Central Bank plans to remove two zeros from the currency in an attempt to restore confidence in the local pound.
He confirmed that Syria will end seven decades of Central Bank financing of the government budget deficit and will restore confidence in public finances and Central Bank management, stating that “the new currency will be a signal and symbol of this financial emancipation.”
Challenges hampering growth
A World Bank report described the situation in Syria as “highly volatile,” linking economic recovery to improved security conditions, institutional stability, easing of international sanctions, and greater international economic engagement.
In its report published on 7 October, the Bank said that, amid “uncertainty,” the Syrian economy could grow by 1% this year, after an estimated contraction of about 1.5% in 2024, marking the first slight improvement since 2022.
According to the report, the transitional government that took power in December 2024 faces a difficult task in rebuilding confidence in the economy after more than a decade of conflict.
GDP shrank by 53% between 2010 and 2022, prompting the World Bank to classify Syria as a low-income country since 2018, the report said, adding that the actual contraction was likely deeper than official estimates.
Memorandum of understanding with Mastercard
The Central Bank of Syria has also signed a memorandum of understanding with global company Mastercard to cooperate on developing the digital payments system in Syria.
The MoU aims to develop the infrastructure of digital payment systems in the country, exchange expertise, and promote financial inclusion, as well as explore opportunities to expand access to basic financial services for millions of people. It reflects a shared vision to enhance inclusion, resilience, and equal opportunity through technology.
According to a Central Bank statement published on its Facebook page on 23 September, this cooperation represents “a qualitative step toward exploring ways to develop the digital payments system in the country.”
The Bank expects this partnership to help explore ways to integrate banks and other financial institutions inside Syria, in line with global best practices.
It added that the agreement will also ensure the transfer of know-how on the ground through dedicated training and technical exchanges to build local expertise in digital payments and financial technology.
Syrian Central Bank and Visa sign agreement to develop digital payment system Enab Baladi.
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