Syria will be fully reconnected to the Swift global payment system within weeks, central bank governor Abdulkader Husrieh has confirmed in a media interview.
The move comes after the US last month lifted its sanctions after 14 years, which will allow the rebuilding of the war-torn nation to commence.
Husrieh said the return to the international bank messaging network will boost foreign trade, reduce import costs and facilitate exports, Financial Times reported.
Swift will further lead to the inflow of foreign exchange, improve anti-money laundering compliance and reduce reliance on informal networks for cross-border transactions, the report said.
All foreign trade will now be routed through the formal banking sector, Husrieh said, adding it will eradicate the role of money changers.
Syrian banks, including the central bank, have been assigned Swift codes, the governor said, pending the resumption of transactions by correspondent banks.
While the government already supports public banks, plans are underway to establish a state institution to guarantee private bank deposits, Husrieh said.
In May Saudi Arabia and Qatar jointly repaid Syria’s $15.5 million outstanding debt to the World Bank.
Saudi Arabia’s foreign minister Prince Faisal bin Farhan Al-Saud said this month that the kingdom and Qatar will jointly offer financial support to Syria.
