In a move signaling a potential shift in the region’s economic landscape, the Central Bank of Syria (CBS) is actively working to reconnect its banking system to the SWIFT global financial transfer network. This development follows the recent lifting of U.S. sanctions on Syria, announced on May 13, 2025, by U.S. President Donald Trump after discussions with Saudi Crown Prince Mohammed bin Salman.
The CBS’s initiative to rejoin SWIFT underscores a concerted effort to reintegrate Syria into the global financial system after years of isolation due to the civil war that began in March 2011. CBS Governor Abdul Qader Hasriyeh has reported significant interest from over 50 Arab and international banks in establishing branches and investing in Syria, with the bank also exploring investment opportunities with a French bank.
Beyond reconnecting to SWIFT, Syria is pursuing several other key economic strategies. On May 16, 2025, an $800 million deal was signed with UAE’s DP World to develop the Tartus port. This collaboration aims to enhance Syria’s infrastructure by establishing industrial zones, free zones, dry ports, and transit stations in cooperation with the Syrian Ports Authority.
In another significant move, Syria plans to print newly designed currency in the UAE and Germany, marking the end of Russia’s role in currency production. Syrian authorities are reportedly in advanced talks with UAE-based company Oumolat, while German firms Bundesdruckerei and Giesecke+Devrient have also expressed interest in the project.
These developments mark a pivotal moment for Syria, which has been grappling with the devastating effects of a prolonged civil war that began in March 2011. The conflict, triggered by pro-democracy protests against the government of Bashar al-Assad, escalated into a complex multi-faceted war. While the Assad regime collapsed in December 2024, the nation continues to face considerable economic and political challenges.
The success of Syria’s economic resurgence hinges on several factors, including the stability of the region, the ability to attract sustained foreign investment, and the effective implementation of economic reforms. As Syria seeks to rebuild its economy, these new partnerships and initiatives could pave the way for a more stable and prosperous future.
