Syria expects first transfer with U.S. bank 'within weeks', governor says

June 19, 2025 05:45 PM AEST | By EODHD

Google News:

Syria expects first transfer with U.S. bank 'within weeks', governor says — Image source: Kalkine Media

Recent News

Solar Powers a Sustainable Energy Future on Rayonier Land

Turning the Tables for Sustainable Development in India

After Fifteen Years and Fifteen Reviews, CSRHub Remains B Corp Certifi...

C... for Clinkerisation, a Saint-Gobain Podcast

By Timour Azhari DAMASCUS (Reuters) -Syria expects to have its first transaction with a U.S. bank "in a matter of weeks", Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and U.S. commercial banks. The resumption of transfers between Syrian and U.S. banks would be a key milestone in the push by Syria’s new rulers to reintegrate the country into the global financial system after 14 years of civil war.

Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington’s Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria’s banking system to the global financial system. This follows U.S. President Donald Trump’s announcement in May that all sanctions on Syria would be lifted.

That has been followed up with executive orders formally lifting some of the measures. Syria’s reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world’s strictest sanctions regimes. "We have two clear targets: have U.S.

banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters. Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.