Syria’s Reconnection to SWIFT and Economic Revitalization

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Reintegration into the Global Economy

Syria is set to reconnect to the SWIFT international payments system in the coming weeks, marking a significant step towards reintegrating with the global economy after years of conflict and sanctions. This move is part of the new government’s strategic plan to overhaul and liberalize the Syrian economy.

Milestone in Economic Overhaul

The reconnection to SWIFT, reported by the Financial Times, represents a major milestone in Syria’s economic reform efforts. It is viewed as a clear indication that the Syrian authorities are committed to attracting international trade and investment following the recent lifting of US sanctions.

Strategic Roadmap for Financial Restructuring

In a detailed interview with the Financial Times in Damascus, Central Bank of Syria Governor Abdulkadir Husrih outlined a comprehensive roadmap aimed at restructuring the nation’s financial system. His vision includes normalizing the currency, reforming the banking sector, and removing barriers to trade to rejuvenate the war-torn economy.

Focus on Foreign Investment and Infrastructure

Governor Husrih emphasized the importance of attracting foreign direct investment, especially for reconstruction and infrastructure projects. He stated, “We aim to rebuild Syria’s image as a financial hub, leveraging expected foreign investments to spearhead economic recovery.” Although substantial progress has been made, Husrih acknowledged the need for continued efforts.