Sovereignty Support Movement Sovereignty for West Asia
from the Newsdesk at The Cradle, June 9, 2025
I missed this at the time, but here it is. Al Jolani’s government aside, the Syrian people cannot regain sovereignty without the capability of international commerce.
Syria is rejoining the SWIFT payment system through its Central Bank, following a 7 June announcement by Central Bank Governor Abdul Qader al-Husriya.
“We aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure – this is crucial,” Husriya told the Financial Times (FT).
According to FT, Husriya is working alongside the Finance Ministry on “a six to 12-month stabilization plan.” The initiative includes reforms to banking laws and the Central Bank, as well as efforts to restructure social security and housing finance in a bid to attract investment from the Syrian diaspora.
The move was welcomed in Damascus, but “a full policy shift is still needed,” said Husriya, who took office in April. “So far, we’ve only seen license issuance and selective sanctions removal. Implementation must be comprehensive, not ad hoc.”
The return to SWIFT marks a key milestone in Syria’s economic rehabilitation, and comes as Damascus implements political conditions set by Washington, chief among them the expulsion of Palestinian resistance factions and early gestures toward normalization with Israel.
Syria was last linked to SWIFT in 2011, the year that the US-backed regime-change war on Syria was launched.
He added that foreign investment would be reinforced by guarantees, noting that while public banks are already backed by the government, he is working to set up a state institution to guarantee deposits at private banks.
“The plan is for all foreign trade to now be routed through the formal banking sector,” he explained, noting that money changers previously took 40 cents of every dollar entering the country. SWIFT codes have been assigned to Syrian banks and financial institutions, with the “remaining step [being] for correspondent banks to resume processing transfers.” (Note, the presumption here is that no transactions were routed the “formal banking sector” because it was not possible. jb)
Husriya said the return of SWIFT would support foreign trade, reduce import costs, and streamline exports – and is expected to boost Syria’s access to hard currency, improve anti-money laundering mechanisms, and reduce reliance on informal networks for cross-border transactions.
These developments align with conditions outlined in a US proposal tying economic recovery to Syria’s integration into regional normalization frameworks like the Abraham Accords, and follow pledges from Saudi Arabia and Qatar to provide financial backing – as western sanctions on Damascus loosen.
As part of this broader strategy, Syria has signed a $7 billion energy deal with Qatar, reopened its long-dormant Damascus Securities Exchange, and launched a $300 million fiber-optic project with Gulf telecom firms to help resuscitate its battered economy.
The reforms come as Damascus accelerates efforts to align with western-backed regional initiatives aimed at reshaping West Asia’s political and economic landscape.
