Latest news with #SyriaEconomy
Free Malaysia Today
12 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.
CTV News
02-06-2025
- Business
- CTV News
Damascus stock exchange reopens after 6-month closure
Syrian Finance Minister Mohammed Yisr Barnieh, center, attends the opening ceremony at the Damascus Securities Exchange in Damascus, Syria, Monday, June 2, 2025. (AP Photo/Omar Sanadiki) DAMASCUS — Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war. The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive. Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said that it signals that the country's economy is beginning to recover and that the stock exchange 'will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' state-run news agency SANA reported. He said the country's new leaders plan to 'facilitate business operations and open doors to promising investment opportunities.' The move to reopen comes as international restrictions on Syria's financial systems begin to ease. The United States and Europe both last month announced the lifting of a wide raft of sanctions that had been slapped on Syria under the Assad dynasty's rule. Last week, Syria inked a power deal worth $7 billion with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria's war-battered electricity grid. The consortium led by Qatar's UCC Concession Investments — along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari, Cengiz Enerji — will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant. Ghaith Alsayed, The Associated Press
The Independent
02-06-2025
- Business
- The Independent
Damascus stock exchange reopens after 6-month closure
Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria 's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war. The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive. Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said that it signals that the country's economy is beginning to recover and that the stock exchange 'will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' state-run news agency SANA reported. He said the country's new leaders plan to "facilitate business operations and open doors to promising investment opportunities.' The move to reopen comes as international restrictions on Syria's financial systems begin to ease. The United States and Europe both last month announced the lifting of a wide raft of sanctions that had been slapped on Syria under the Assad dynasty's rule. Last week, Syria inked a power deal worth $7 billion with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria's war-battered electricity grid. The consortium led by Qatar's UCC Concession Investments — along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari, Cengiz Enerji — will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant.
Al Arabiya
02-06-2025
- Business
- Al Arabiya
Damascus stock exchange reopens after 6-month closure
Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war. The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar al-Assad in a lightning armed opposition offensive. Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said that it signals that the country's economy is beginning to recover and that the stock exchange 'will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' state-run news agency SANA reported. He said the country's new leaders plan to 'facilitate business operations and open doors to promising investment opportunities.' The move to reopen comes as international restrictions on Syria's financial systems begin to ease. The United States and Europe both last month announced the lifting of a wide raft of sanctions that had been slapped on Syria under the al-Assad dynasty's rule. Last week, Syria inked a power deal worth $7 billion with a consortium of Qatari, Turkish and US companies for development of a 5,000-megawatt energy project to revitalize much of Syria's war-battered electricity grid. The consortium led by Qatar's UCC Concession Investments — along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari, Cengiz Enerji — will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant.
Washington Post
02-06-2025
- Business
- Washington Post
Damascus stock exchange reopens after 6-month closure
DAMASCUS — Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war. The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive.
