Syria will be reconnected to the SWIFT international payment system in the coming weeks, which, according to the Syrian authorities, will open a new page in the country’s economic history. This was announced by the Governor of the Central Bank of Syria, Abdulkader Husriyeh, in an interview with the Financial Times.
According to Husriyeh, the restoration of access to SWIFT will be the “first significant step” in the economic liberalisation initiated by the new government. This will allow Syria to re-integrate into the global financial system, boost foreign trade, attract investment and rebuild the banking sector.
“We want to improve the country’s brand as a financial centre… foreign direct investment in reconstruction is extremely important,” Husriye said.
He added that the reforms will include updating banking legislation, reforming the Central Bank, and reviewing the financing of social security and housing programmes. One of the strategic goals is to attract the Syrian diaspora to invest in the country.
Syria has been cut off from global markets since 2011, when the Assad regime’s crackdown on rebels sparked a protracted civil war. The loss of access to SWIFT then paralysed the country’s formal financial system.
Husriye also stressed that the return of SWIFT would reduce import costs, facilitate exports and reduce dependence on informal financial schemes, where “money changers charge up to 40 cents on every dollar”.
In addition, the FT reports that Syria has already received several significant grants to support the economy: in particular, $146 million from the World Bank for the energy sector and $80 million from Sweden to rebuild social infrastructure.
