Syria to rejoin SWIFT payment network after 14-year isolation
Move follows lifting of U.S. and EU sanctions, signals major step toward economic reintegration and financial sector reform
DAMASCUS, Syria (MNTV) — Syria is set to reconnect with the global financial system by rejoining the SWIFT international payments network within the coming weeks, marking a pivotal milestone after more than a decade of economic isolation, according to the Financial Times.
The development follows the recent removal of U.S. and European Union sanctions, which had severely limited Syria’s banking and trade capabilities since 2011.
The move is part of a broader economic reform program launched by Syria’s new interim government to stabilize the country and attract foreign investment.
Abdulkader Husrieh, the recently appointed governor of the Central Bank of Syria, said that rejoining SWIFT represents the first step in a sweeping liberalization agenda.
Speaking to Financial Times, Husrieh outlined plans to recapitalize banks, modernize monetary policy, and reduce regulatory burdens to restore confidence in Syria’s financial system.
“Our aim is to transform Syria into a regional financial hub,” Husrieh said, adding that reintegration into the global banking system will reduce import costs, boost export competitiveness, and revive trust in formal financial channels.
The country’s banking sector had largely collapsed due to prolonged civil conflict, spillover from Lebanon’s 2019 financial crisis, and years of restrictive economic policies under the Assad regime.
The lifting of sanctions came after a surprise announcement by former U.S. President Donald Trump during a speech in Saudi Arabia, in which he pledged to “give them a chance at greatness.”
The European Union quickly followed suit, easing most economic restrictions while maintaining limited measures related to human rights and regional unrest.
Regional support has also played a crucial role. Gulf nations, including Saudi Arabia and Qatar, cleared Syria’s outstanding $15.5 million in arrears to the World Bank and committed to funding several months of public sector salaries.
These efforts were coupled with early infrastructure investment agreements and renewed dialogue with international financial institutions such as the IMF and World Bank.
Rejoining the SWIFT network and the easing of sanctions mark Syria’s most significant steps toward economic normalization since the end of the Assad era.
Analysts say the long-term success of these reforms will depend on maintaining political stability, enacting meaningful financial sector changes, and delivering tangible benefits to the Syrian population.
If these efforts stay on track, Syria could unlock substantial international reconstruction funding and begin rebuilding credibility as an emerging regional economy.
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