Syria executed its first international bank transfer via the SWIFT system since the outbreak of its 14-year civil war, marking a pivotal step in reintegrating into the global financial infrastructure, Reuters reported.
Central Bank Governor Abdelkader Husriyeh confirmed in Damascus that a direct commercial transaction between Syrian and Italian banks occurred on Sunday, with US banking transactions anticipated “within weeks.”
The door is now open to more such transactions.
This breakthrough follows Syria’s isolation from global finance after Western sanctions were imposed in 2011, targeting institutions including the central bank in response to Bashar al-Assad’s crackdown on protests.
The transaction occurs amid sweeping geopolitical shifts following al-Assad’s ouster by rebel forces last year and the subsequent establishment of an interim government. The diplomatic rapprochement culminated in a May meeting between Interim President Ahmed al-Sharaa and US President Donald Trump in Riyadh.
The US has since significantly eased sanctions, with congressional efforts underway for full repeal, while Europe terminated its economic sanctions regime.
Husriyeh chaired a high-level virtual meeting on Wednesday with US Syria Envoy Thomas Barrack and major American banks including JP Morgan, Morgan Stanley, and Citibank to accelerate financial reconnection. During the talks, Husriyeh formally invited US banks to re-establish correspondent relationships and open representative offices in Syria, outlining clear objectives.
We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks.
This initiative addresses Syria’s urgent reconstruction needs, with UN data indicating nine-tenths of the population lives in poverty following the conflict. The renewed banking access aims to facilitate large-scale capital inflows essential for rebuilding infrastructure and transitioning from a cash-based informal economy.
