DAMASCUS — In a move signaling a major step toward financial normalization, Syria has completed its first international bank transfer via the SWIFT system since the beginning of its 14-year civil war, the country’s central bank governor confirmed on Thursday.
Central Bank Governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction from a Syrian bank to an Italian financial institution was successfully executed on Sunday, marking Syria’s re-entry into formal international banking channels after years of crippling sanctions and isolation.
“This is a symbolic and strategic breakthrough,” Husriyeh stated. “For the first time since the war began, Syria has conducted a legitimate, internationally recognized bank transfer using SWIFT.”
A Long Road Back to Financial Legitimacy
The milestone follows the December 2024 ousting of President Bashar al-Assad, a development that ushered in a transitional government and began a fragile path toward reconstruction, reform, and reintegration into global institutions.
Syria had been largely cut off from SWIFT (Society for Worldwide Interbank Financial Telecommunication) since the conflict erupted in 2011, amid widespread international sanctions targeting Assad’s regime over human rights abuses and alleged war crimes.
The civil war devastated Syria’s economy, banking infrastructure, and currency value, pushing much of the country’s trade into informal or non-dollarized systems reliant on regional intermediaries.
Why SWIFT Access Matters
SWIFT is the global standard for secure financial messaging and interbank transfers, used by more than 11,000 financial institutions in over 200 countries. Reconnecting to the system is a vital step for Syria to resume international trade, receive foreign aid, and attract investment.
“Being locked out of SWIFT was like being locked out of the global economy,” said regional economist Rasha Hamdan. “This first transaction signals to markets and institutions that Syria is slowly rejoining the world.”
The transfer, reportedly linked to a private sector import deal, was made possible after new transitional banking regulations were approved by a joint economic committee formed under Syria’s post-Assad interim leadership.
Next Steps for Syria’s Banking Sector
Despite this milestone, Husriyeh acknowledged the journey ahead remains challenging. Syria’s financial system must undergo sweeping reforms, including anti-money laundering protocols, transparency measures, and currency stabilization, before gaining full trust and recognition from the global financial community.
“We are optimistic, but cautious,” Husriyeh said. “This first step opens the door. Now we must prove we can operate with integrity and efficiency.”
International Reactions
Reaction to the news has been mixed.
Some international development organizations cautiously welcomed the move, calling it a necessary first step toward rebuilding Syria’s shattered economy. European Union officials have said more progress is needed on governance and human rights before considering a full lifting of financial sanctions.
The United States, while acknowledging Assad’s ouster, has so far maintained financial restrictions under the Caesar Act and other legislation, though officials are reportedly reviewing Syria’s status in light of recent reforms.
A Symbolic Transaction with Strategic Weight
Though modest in financial scale, the Sunday bank transfer to Italy carries symbolic and strategic weight. Analysts say it may pave the way for humanitarian funding, trade facilitation, and diaspora remittances, all of which have been constrained for over a decade.
With reconstruction needs estimated in the hundreds of billions of dollars, the ability to move money legally and efficiently across borders is essential.
“We know this is only one transaction,” said Husriyeh. “But it shows the world, and our people, that Syria is open for business — legally, transparently, and with the future in mind.”
Written By Joe Brens
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