Syria has successfully completed its first international bank transaction via the SWIFT system since the onset of the war on Syria 14 years ago, marking a major step in re-establishing its global financial ties, according to Reuters.

According to Central Bank Governor Abdelkader Husriyeh, the direct commercial transfer was conducted from a Syrian bank to an Italian bank on Sunday.

Speaking to Reuters in Damascus, Husriyeh stated that the move signaled a new phase for Syria’s financial sector. “The door is now open to more such transactions,” he said, adding that transactions with US banks could begin in the coming weeks.

Syrian banks had been effectively isolated from the global banking system since 2011, when the war on Syria began.

These sanctions, including measures targeting the Syrian central bank, crippled Syria’s access to international markets and institutions.

The landscape began to shift last year when militants forced Former Syrian President Bashar al-Assad out of power in a rapid military campaign. Since then, President Ahmad al-Sharaa has overseen efforts to restore Syria’s international standing.

A significant breakthrough came in May when al-Sharaa met with US President Donald Trump in Riyadh. Following that meeting, the United States eased a broad range of sanctions, and several members of Congress have begun pushing for a complete repeal.

The European Union has also announced the end of its economic sanctions regime on Syria.

Syria–US banking ties in development

The ability to process transactions through the SWIFT system is seen as essential for Syria to revive its war-damaged economy.

As reported by Reuters, with nine out of ten Syrians living in poverty, according to the United Nations, financial transfers from Western institutions are crucial for reconstruction efforts.

Husriyeh chaired a high-level virtual meeting on Wednesday, bringing together Syrian banks, US banks, and American officials, including Thomas Barrack, Washington's envoy to Syria.

The meeting aimed to accelerate the reintegration of Syria into international financial networks and to restore Syria-US banking ties, according to Reuters. 

“We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,” Husriyeh told Reuters.

Husriyeh confirmed that invitations were sent to major financial institutions, including JP Morgan, Morgan Stanley, and Citibank, although their participation in the Wednesday meeting was not immediately confirmed.

As Syria seeks to secure billions of dollars in reconstruction funds, the restoration of SWIFT access and international banking ties is expected to play a central role in facilitating trade, stabilizing the financial system, and jumpstarting a battered economy.

The return of Syria to the SWIFT network may mark the beginning of an economic recovery, contingent on the pace of normalization with Western governments and the restoration of ties with Syria’s financial system.