In a noteworthy development for Syria’s recovery from its lengthy civil war, the country recently completed its first electronic bank transfer utilizing the SWIFT system with a European bank, marking its reintegration into the global financial network following years of isolation.
Banking Breakthrough: Syria's First Electronic Transfer After Years of Isolation
Banking Breakthrough: Syria's First Electronic Transfer After Years of Isolation
Syria marks a pivotal moment by executing its first electronic bank transfer with a Western institution in 14 years, signaling a potential end to economic sanctions.
This significant milestone was confirmed by Abdul Kader Husrieh, the governor of Syria’s Central Bank, who announced on Thursday that the electronic transfer took place earlier this week. The reactivation of the SWIFT system, which facilitates international banking, symbolizes progress for Syria as it attempts to rebuild its economy after years of civil conflict sparked by the government’s crackdown on pro-democracy protests in 2011.
"This step represents gradual progress toward reintegrating the Syrian financial system into global financial channels,” Husrieh stated. The country’s banking sector has been largely inactive on the international front, primarily due to sanctions imposed after the escalation of hostilities which resulted in massive disruptions and devastation.
Analysts see the successful transfer as a signal that, despite ongoing regional tensions, there might be a revival of economic activity in Syria. Jassem Ajaka, an economic expert from Lebanon, remarked, “This transaction marks the beginning of a new era for Syria. This first SWIFT order symbolizes the end of sanctions and Syria’s return under the umbrella of the international community.”
As Syria navigates its path post-conflict, this initial transaction could herald increased financial exchanges and contribute significantly to the nation’s battered economy.
"This step represents gradual progress toward reintegrating the Syrian financial system into global financial channels,” Husrieh stated. The country’s banking sector has been largely inactive on the international front, primarily due to sanctions imposed after the escalation of hostilities which resulted in massive disruptions and devastation.
Analysts see the successful transfer as a signal that, despite ongoing regional tensions, there might be a revival of economic activity in Syria. Jassem Ajaka, an economic expert from Lebanon, remarked, “This transaction marks the beginning of a new era for Syria. This first SWIFT order symbolizes the end of sanctions and Syria’s return under the umbrella of the international community.”
As Syria navigates its path post-conflict, this initial transaction could herald increased financial exchanges and contribute significantly to the nation’s battered economy.
