Syria to rejoin SWIFT payment system ‘within a few weeks’: What to know
It marks a major milestone in Syria’s economic recovery from sanctions imposed in 2011 in response to human rights abuse allegations against the regime of long-time dictator Bashar al-Assad.
Syria is set to be reconnected to the SWIFT international financial payments system “within a few weeks” after more than a decade of sanctions stopped the country from accessing the platform, according to the new central bank governor.
It comes after the United States and European Union lifted broad economic sanctions on Syria last month. These measures had been in place for 13 years of civil war, during which the regime of former president Bashar al-Assad was widely regarded as a pariah by the West. The United Kingdom in April also lifted significant sanctions on Syria, including on several ministries, intelligence agencies and businesses, including the national airline.
What happened: In an interview published Monday by the Financial Times, Syrian central bank governor Abdelkader Husrieh said access to the SWIFT payments system, which accounts for nearly half of the world’s dollar-denominated transactions, will help boost foreign trade, reduce import costs and facilitate exports.
He added that Syria re-joining SWIFT would lure foreign currency, strengthen anti-money laundering efforts and reduce dependence on informal financial networks for cross-border transactions.
