Latest news with #Damascus
Free Malaysia Today
10 hours ago
- Business
- Free Malaysia Today
Syria expects first transfer with US bank ‘within weeks', says governor
The Syrian central bank has extended a formal invitation to US banks to re-establish correspondent banking ties. (EPA Images pic) DAMASCUS : Syria expects to have its first transaction with a US bank 'in a matter of weeks', Syrian central bank governor Abdelkader Husriyeh said today, a day after a high-level meeting between Syrian and US commercial banks. The resumption of transfers between Syrian and US banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war. Yesterday, Husriyeh held a virtual conference bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows US President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. '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 yesterday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.
New York Times
14 hours ago
- Business
- New York Times
Bank Transfer Signals Syria Is Making Strides in Ending Economic Isolation
Syria took a small but significant step toward rejoining the international banking system with the announcement on Thursday that the country had completed its first electronic transfer in 14 years with a Western bank. The transfer, to a European bank earlier this week, was considered a sign that despite the escalating tensions in the Middle East, a few green shoots were emerging in the effort to foster renewed economic life in Syria after its devastating civil war. 'This step represents gradual progress toward reintegrating the Syrian financial system into global financial channels,' Abdulkader Husrieh, the governor of Syria's Central Bank, said in a statement on Thursday confirming the transaction. Symbolically, reactivation of the SWIFT system, the acronym for the global network for electronic transfers between banks, was one of the first concrete steps to indicate that Syria was moving beyond an extended period of isolation from the international financial community. Syrian banks were cut off from the international system through sanctions imposed soon after the ruling Assad regime began its long, brutal crackdown against Syrian pro-democracy demonstrators in 2011, which led to a 13-year civil war. The government of President Bashar al-Assad of Syria was ousted in December, when rebels took the capital, Damascus. 'This transaction marks the beginning of a new era for Syria,' said Jassem Ajaka, a Lebanese economic expert. 'This first SWIFT order symbolizes the end of sanctions and Syria's return under the umbrella of the international community.' Want all of The Times? Subscribe.
LBCI
21 hours ago
- Business
- LBCI
Syria made first direct international bank transfer via SWIFT since war: Central bank governor
Syria this week carried out its first international bank transfer via the SWIFT international payment system since the outbreak of the country's 14-year civil war, central bank governor Abdelkader Husriyeh said on Thursday, a milestone in Syria's push to reintegrate into the global financial system. Husriyeh told Reuters in Damascus that a direct commercial transaction was carried out from a Syrian to an Italian bank on Sunday. "The door is now open to more such transactions," he said. Reuters
Arab News
a day ago
- Business
- Arab News
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.
LBCI
a day ago
- Business
- LBCI
Syria expects first transfer with U.S. bank 'within weeks', governor says
Syria expects to have its first transaction with a U.S. bank "in a matter of weeks," Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and U.S. commercial banks. The resumption of transfers between Syrian and U.S. banks would be a key milestone in Syria's new rulers' push to reintegrate the country into the global financial system after 14 years of civil war. Reuters
