The Central Bank of Syria announces reopening its account with the Federal Reserve in New York
The Central Bank of Syria announced on Friday that it has completed all the necessary procedures to settle its banking relations with the Federal Reserve Bank in New York, and officially reopened its account with it.
The move marks a milestone in the path of reintegrating the Syrian economy into the international financial system.
In an official statement, the Central Bank explained that this achievement is the result of intensive and continuous efforts over the past months, during which close coordination was carried out with the US Treasury Department and the Federal Reserve.
These efforts included a series of technical meetings and workshops that included a dedicated team, including Tom Barrack, the US Ambassador to Türkiye and Special Envoy for Syria and Lebanon.
Multiple benefits for the banking sector and the national economy, according to the bank’s statement, the reopening of this vital account will enable the Central Bank to manage its foreign reserves more efficiently and safely, providing regular and reliable channels for the execution of remittances and settlement of payments with international parties, supporting monetary and financial stability in the country, and enhance transparency and institutional compliance with global banking standards.
The statement quoted the governor of the Syrian central bank, Abdul Qader al Hasriya, as saying that this step strengthens the confidence of international financial institutions in the Syrian banking sector, and consolidates citizens’ confidence in monetary policies and the stability of the financial system.
This development represents “important progress in terms of Syria’s reintegration into the global financial system”, he said.
Parallel development of compliance systems, the Syrian Central Bank noted that it wasn’t limited to the technical aspect only, but also worked in parallel to develop internal compliance mechanisms.
This included strengthening the anti-money laundering and combating the financing of terrorism (AML/CFT) system, and updating the regulatory frameworks to combat financial crime, in order to support the governance of the banking sector and in line with the highest international standards.
The announcement comes in the context of optimistic economic readings, as the central bank pointed out that the Syrian economy is on an upward trajectory, driven by the growth of economic activity and improved confidence indicators, considering that these developments pave the way for a phase of stronger and more sustainable growth during 2026 and beyond.
