The Media Line: Syria’s Financial Isolation Ends, Joins the SWIFT Network  

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Syria’s Financial Isolation Ends, Joins the SWIFT Network  

Rizik Alabi/The Media Line  

In what officials describe as the most significant economic development in more than ten years, Central Bank of Syria Governor Dr. Abdulkader Husrieh announced that the bank has sent its first official message via the international SWIFT network to the Federal Reserve Bank in New York, signaling Damascus’ return to the global financial system after years of sanctions and isolation.   

This move is part of a broader set of international steps that have eased many of the restrictions on Syria’s banking sector and created the possibility of resuming financial transfers and cross-border transactions.   

Husrieh told The Media Line that the message sent through SWIFT was symbolic, describing it as a “greeting” to international correspondent banks. “We began with the Federal Reserve to tell them that we have returned to the international financial system, and we look forward to long-term commercial relations,” he said. His comments reflect the Syrian government’s intention to restore normal financial and economic ties with global institutions after years of restrictions that severely limited the movement of funds.  

The significance of this step is heightened by the state of Syria’s struggling economy, which urgently needs stable financial channels to bring in capital for reconstruction and to support foreign trade, including the purchase of essential goods and energy.  

Samir Tawil, a Syrian journalist who specializes in economic affairs, told The Media Line that Syria’s reactivation of SWIFT is expected to lower the cost of financial transfers and accelerate banking procedures, which would have an immediate effect on market activity inside the country.  

The announcement comes at a moment of shifting political and diplomatic dynamics around Damascus. Earlier this month, the US Treasury Department extended the suspension of the “Caesar Act” for another 180 days; the law, enacted in 2019, imposed extensive sanctions on Syria over human rights violations committed under former President Bashar Assad.  

While the complete removal of sanctions still requires approval from the US Congress, the recent measures point to a changed American posture toward Syria. That shift has become more apparent since President Donald Trump’s administration reached preliminary understandings with the country’s new leadership, signaling a more open phase in bilateral relations.   

US President Donald Trump hosted Syrian President Ahmed al-Sharaa in Washington earlier this month, marking the first visit of a Syrian head of state to the White House. The meeting was part of a series of political and economic discussions that Trump said were aimed at “supporting Syria’s stability and enabling its economy to rise again.”  

The US Treasury Department has pledged to continue easing sanctions, noting that its latest move replaces the exemption issued last May under the Caesar Act. That exemption has now been extended for an additional six months, giving international financial institutions greater flexibility to engage with Damascus without facing legal exposure.   

Tawil said the move back to SWIFT marks a pivotal moment that is likely to influence the Syrian economy in the months ahead, but he cautioned that it remains only the first step in a much longer process that will require domestic economic reforms, political stability, and continued international engagement. Even so, he noted that the development signals that Damascus has begun to slowly reestablish its place in the global financial system.  

Despite the optimism surrounding the announcement, the Syrian pound still faces severe pressure, reflecting the depth of the currency’s deterioration over recent years and the scale of the challenges that remain.  

The Syrian pound has lost much of its value due to years of war, declining production, the contraction of key economic sectors, and a steep reduction in the country’s foreign currency reserves. Although the Central Bank of Syria has introduced measures to stabilize the exchange rate and regulate the market, the currency continues to experience sharp fluctuations and suffers from a lack of confidence among traders both inside and outside the country.  

Economic experts say that restoring banking transactions through SWIFT could help support the pound over the medium term by enabling legal, smoother financial flows and improving investor confidence. However, they emphasize that the effects will not be immediate. Real stability will depend on reviving productive sectors, increasing investment, and improving the broader business climate. As Syrians wait to see how this renewed financial access will play out, the pound remains a reflection of the country’s economic situation, which still faces serious challenges that will require sustained efforts and substantial reforms.