Syria completes first global SWIFT transfer since war
DAMASCUS: Syrian Arab Republic has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in the country's push to reintegrate into the global financial system.
Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.
'The door is now open to more such transactions,' he said.
Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank.
Assad was ousted as president in a lightning offensive by rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed Al-Sharaa and US President Donald Trump in Riyadh.
The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.
Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the UN.
Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.
The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.
'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,' Husriyeh told Reuters.
Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
an hour ago
- Al Arabiya
Iran's FM Araghchi says Israel attack ‘betrayal' of diplomacy with US
Iran's foreign minister on Friday condemned the Israeli attacks against the Islamic republic as a 'betrayal' of diplomatic efforts with the US, saying Tehran and Washington had been due to craft a 'promising agreement' on the Iranian nuclear program.
Arab News
2 hours ago
- Arab News
Israeli defense minister warns Hezbollah against joining conflict with Iran
JERUSALEM: Israeli Defense Minister Israel Katz warned Lebanon's Hezbollah to exercise caution on Friday, saying Israel's patience with 'terrorists' who threaten it had worn thin. The head of Iran-backed Hezbollah, Naim Qassem, said on Thursday that the Lebanese group would act as it saw fit in the face of what he called 'brutal Israeli-American aggression' against Iran. In other statements, the group has made no explicit pledge to join the fighting and a Hezbollah official told Reuters last week that the group did not intend to initiate attacks against Israel.
Argaam
2 hours ago
- Argaam
Oil prices drop 2%, head for weekly gains
Oil prices were mixed on Friday, after the White House delayed a decision on potential US intervention in the Iran-Israel conflict. Despite the volatility, the prices are on track for weekly gains. Brent crude futures for August delivery fell by 2.1%, or $1.65, to $77.20 a barrel at 8:10 AM Makkah time. Meanwhile, US West Texas Intermediate (WTI) futures for August—the most actively traded contract—rose 0.65%, or 47 cents, to $73.97 a barrel. This came after a White House statement saying President Donald Trump would decide within the next two weeks whether the US will intervene in the ongoing Middle East conflict, according to Reuters. Chinese customs data released today showed fuel oil imports reached 1.30 million tons in May, equivalent to about 267,000 barrels per day—down 29% from April and 40% lower than the same period last year.
