Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen’s correspondent: An Israeli raid targeted the outskirts of the town of al-Qatrani, Jezzine District
Al Mayadeen’s correspondent: Israeli warplanes launch a raid targeting the vicinity of the Burguz area
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of Jbaa in the Iqlim al-Tuffah region
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent in southern Lebanon: Israeli warplanes launched a series of airstrikes on the al-Mahmoudiyah area
New York Times: Trump plans to meet with Putin as soon as next week
Al Mayadeen's correspondent: Israeli drones repeatedly strike the area targeted by Israeli warplanes in the town of Deir Saryan, preventing ambulance crews from advancing to the scene
Al Mayadeen's correspondent: Israeli warplanes launch a series of raids targeting the outskirts of the town of Deir Saryan
Reuters: 5 soldiers injured by gunfire in shooting at Fort Stewart US military base in Georgia
Trump order imposes additional 25% tariff on goods from India

New Syrian central bank chief pledges greater independence: Reuters

  • By Al Mayadeen English
  • Source: Reuters
  • 14 Jan 2025 17:02
4 Min Read

Syria's new central bank governor, Maysaa Sabreen faces significant challenges, including stabilizing Syria’s currency, curbing inflation, and revitalizing the financial sector.

Listen
  • x
  • New Syrian central bank chief pledges greater independence: Reuters
    Vehicles move past as people queue outside the main headquarters of the Central Bank of Syria to exchange US dollars at prices lower than the black market, Damascus, Syria, Dec. 30, 2024 (AFP Photo)

Syria's new central bank governor, Maysaa Sabreen, has expressed her intention to enhance the institution's independence in monetary policy decisions, Reuters reported Tuesday.

Sabreen, formerly the deputy governor of the Central Bank of Syria, assumed the position in a caretaker capacity following the departure of her predecessor, Mohammed Issam Hazime, late last year.

Her appointment is notable, as she is among the few senior state officials promoted after the swift offensive by Syria's new Islamic rulers led to President Bashar al-Assad's ousting on December 8.

In her first media interview since taking office, Sabreen told Reuters that "the bank is working on preparing draft amendments to the bank's law to enhance its independence, including allowing it more freedom to make decisions regarding monetary policy."

However, she acknowledged that these changes would require approval from Syria's new governing authority, with no clear timeline for implementation.

Central bank independence is essential for achieving long-term macroeconomic and financial stability, economists have noted.

Sabreen also outlined plans to expand Islamic banking in Syria, aiming to attract citizens who have avoided traditional banking services.

"This may include giving banks that provide traditional services the option to open Islamic banking branches," said Sabreen, who has two decades of experience at the institution.

She stressed the bank's commitment to avoiding the need to print more Syrian pounds, which could exacerbate inflation.

Related News

Trump lifts sanctions on Syria, then slaps country with 41% tariffs

Israeli violations persist in southern Syria: Demolitions, checkpoints

When asked about the country’s foreign exchange and gold reserves, she declined to provide specifics, noting that a balance sheet review is underway.

However, sources informed Reuters in December that the central bank holds nearly 26 tons of gold, valued at approximately $2.2 billion, along with $200 million in foreign currency reserves and a substantial amount of Syrian pounds.

The Central Bank of Syria and several former governors remain under US sanctions imposed in the wake of anti-government protests in 2011, which escalated into a prolonged war on the country.

Despite these restrictions, Sabreen assured that the central bank has sufficient funds to cover civil servant salaries, even after a 400% wage increase promised by the new administration.

Reuters previously reported that Qatar would assist in financing the public sector wage hike, facilitated by a US sanctions waiver granted on January 6, allowing transactions with Syrian governing institutions.

Tackling inflation and currency stabilization

Sabreen faces significant challenges, including stabilizing Syria’s currency, curbing inflation, and revitalizing the financial sector. The Syrian pound has plummeted from around 50 pounds per US dollar in late 2011 to over 13,000 pounds per dollar as of Monday, according to LSEG and central bank data.

A World Bank report from spring 2024 estimated that Syria’s annual inflation surged by nearly 100% year-on-year in 2023. Sabreen stated that the central bank is focusing on restructuring state-owned banks and introducing regulations for money exchange and transfer services, which have become vital sources of foreign currency.

During al-Assad's tenure, foreign currency usage was heavily restricted. However, recent US sanctions exemptions for humanitarian aid, energy transactions, and remittances aim to stabilize the country and improve essential services.

Although the central bank itself remains under sanctions, Sabreen welcomed the decision to permit personal remittances from Syrians abroad, expressing hope for the eventual lifting of all restrictions to reconnect Syria’s banks to the global financial system.

Read more: Six EU members advocate for temporary suspension of Syria sanctions

  • Syria
  • Maysaa Sabreen
  • Central bank of Syria

Most Read

UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Shiekh Naim Qassem giving a speech commemorating the anniversay of martyr Mohammed Saeed Izadi, August 5, 2025, in Lebanon

Sheikh Qassem threatens 'Israel', warns against foreign intervention

  • Politics
  • 5 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)

Exclusive: Resistance key to building state, Georges Abdallah says

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Tech joins the fight: Silicon Valley powers US war drive
Technology

Tech joins the fight: Silicon Valley powers US war drive

Slovenia to ban imports of Israeli settlement goods
Politics

Slovenia to ban import of goods produced in Israeli settlements

IOF pillaged schools in Lebanon, HRW exposes war crimes
Politics

Israeli troops looted, vandalized schools in South Lebanon: HRW

Zelensky’s trust drops after anti-corruption reforms spark uproar
Politics

Trust in Zelensky drops after anti-corruption reforms spark uproar

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS