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yesterday

Syria Completes First SWIFT Transfer Since War, Plans U.S. Bank Transactions

The move follows President Trump’s decision to lift sanctions after meeting interim President Ahmed al-Sharaa in Riyadh last month

Bundles of Syrian currency notes are stacked up as an employee counts money at Syrian central bank in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
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Overview

  • On June 15, Syria’s central bank executed its first SWIFT payment in 14 years by sending funds to an Italian bank
  • Governor Abdelkader Husriyeh chaired a virtual conference this week with Syrian lenders, U.S. banks including JP Morgan, Morgan Stanley and Citibank, and Envoy Thomas Barrack
  • Husriyeh said correspondent banking ties with U.S. institutions could be in place within weeks, marking the resumption of direct transactions since 2011
  • President Trump formally lifted key sanctions in May and followed up with executive orders to remove additional financial restrictions
  • Reestablishing correspondent links is vital for channeling large-scale financing to rebuild Syria’s economy and reduce reliance on a cash-based system