The Central Bank of Syria announces developments regarding the replacement of the Syrian pound and the date for activating its account with the US Federal Reserve.
KTFA:
Clare: The Central Bank of Syria announces developments regarding the replacement of the Syrian pound and the date for activating its account with the US Federal Reserve.
3/16/2026
The Governor of the Central Bank of Syria, Abdul Qader al-Hasriya, confirmed that Syria’s account at the US Federal Reserve Bank is now ready and operational and will be activated soon, following intensive efforts that began last July as part of Syria’s reintegration into the global financial system.
Al-Hasri said that “the announcement of the reactivation of the account was met with a direct welcome from the US Treasury Department and the US Presidential Envoy, who described the move as historic and constituting support for the recovery of the Syrian economy,” noting that these messages carry important political and economic implications, especially since the sanctions on Syria began with the United States in 1979, and that the current cooperation reflects a trend towards reintegrating the Syrian financial system into the global financial system.
Al-Hasri added: “Having an active account at the US Federal Reserve Bank allows Syria to return to the correspondent banking system and secures clearing and transfer operations in US dollars, which directly impacts the flow of resources from remittances from expatriates and investors, and the return of foreign trade to official banking channels, which enhances liquidity and provides greater opportunities for importing, transferring, and creating job opportunities,” according to the Syrian News Agency “SANA.”
He explained that transfers through official channels will lead to a significant reduction in transfer costs, after eliminating the role of intermediaries and informal links, indicating that transfers through the "SWIFT" system arrive in 77% of cases within just 10 minutes, which enhances citizens' confidence in the banking sector and improves the relationship between banks and their customers.
He pointed out that this step comes within the Central Bank’s vision to build a financial sector that operates according to international standards and leads Syria’s integration into the international financial system, noting that the bank is working in parallel on cooperation tracks with central banks in Canada and Europe.
He said that meetings were held with the Bank of Canada and Canadian financial institutions to discuss opening an account for the Central Bank of Syria there, in addition to meetings with major banks, regulatory bodies and currency printing institutions. Work is also underway on a similar track with the European Central Bank, Germany and France to organize joint banking days and enhance cooperation.
Replacing the Syrian pound
Regarding the replacement of the new currency, the Governor of the Central Bank of Syria confirmed that about 40% of the circulating cash mass of 42 trillion old Syrian pounds has been replaced, after the percentage was 35%, noting that the process is proceeding smoothly and is expected to accelerate after Eid al-Fitr.
Al-Hasri said that the Syrian economy faces challenges related to the war in the region and its effects on the global economy, from supply chain disruptions and rising energy prices to fluctuations in exchange rates. However, the policies and tools adopted by the Central Bank have contributed to maintaining relative stability in the exchange rate despite the rise of the dollar globally.
The exclusive report revealed that measures have been taken to activate the Central Bank branches in Raqqa and Hasakah, appoint new directors for the two branches, and work to improve the availability of the Syrian pound in the region, stressing that the bank is working daily in coordination with the Ministry of Finance to address the issue of salaries and mitigate the effects of the crisis. LINK