Syria to rejoin SWIFT system as sanctions lifted: Reports
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Syria is expected to regain full access to the SWIFT payment system following the lifting of US and EU sanctions, as the government launches new banking reform efforts
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People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, California, on March 10, 2023. (AP)
Syria is expected to regain full access to the SWIFT international payment system in the coming weeks, marking a major step in its reentry into the global financial network after 14 years under sanctions. The announcement was reported by the Financial Times on Monday, citing Central Bank of Syria chief Abdulkader Husrieh.
The reconnection with SWIFT, used by financial institutions worldwide to securely exchange payment information, signals the start of a broader strategy by Syria's new authorities to reopen the country to global markets.
The move comes in the wake of significant geopolitical developments. On May 23, US President Donald Trump’s administration lifted all sanctions on Syria for 180 days, following a mid-May visit to the Middle East.
Days later, on May 28, the Council of the European Union followed suit, removing 24 Syrian entities from its sanctions blacklist. These included the Central Bank of Syria and several companies in the oil, cotton, telecommunications, and refining sectors.
The coordinated decisions by Washington and Brussels have lifted key sanctions that had long isolated Syria from international economic systems.
New government pursues financial reforms
The new Syrian leadership signaled its intention to implement sweeping reforms to stabilize the economy and rebuild investor confidence. Meanwhile, authorities plan to normalize the Syrian pound, modernize the banking sector, and encourage foreign investment.
According to the Financial Times, these changes aim to remove trade barriers and restore international economic ties.
Ahmed al-Sharaa, who was declared transitional president in January 2025, has overseen the formation of a new cabinet in March tasked with managing this transition. The developments followed major political changes after the armed opposition captured Damascus on December 8, 2024, prompting the resignation and departure of former President Bashar al-Assad.
Syria’s return to the SWIFT system is essential for facilitating cross-border transactions and attracting foreign capital, while normalizing financial operations is expected to pave the way for renewed investment in critical sectors such as energy, agriculture, and telecommunications.
