Syria has completed its first international bank transfer using the SWIFT system since the civil war began 14 years ago, the country’s central bank governor said Thursday, according to Reuters.
Governor Abdelkader Husriyeh told Reuters that the transfer took place on Sunday between a Syrian bank and an Italian bank. “The door is now open to more such transactions,” he said.
Syrian banks were cut off from SWIFT and other international financial networks in 2011 after Western countries imposed sanctions in response to President Bashar al-Assad’s violent crackdown on protests. These measures targeted Syria’s central bank and effectively froze most of the country’s foreign banking activity.
Husriyeh’s announcement comes as Syria works to rebuild its international relationships.
Following Assad’s removal from power last year by Islamist-led rebel forces, President Ahmed al-Sharaa met with U.S. President Donald Trump in May in Riyadh. Since then, the United States has eased some of its sanctions, while the European Union has lifted its own restrictions entirely.
On Wednesday, Husriyeh led a virtual meeting with Syrian and U.S. banks, along with American officials, including Syria envoy Thomas Barrack, to encourage the reopening of financial channels and restore connections. Among those invited were JPMorgan, Morgan Stanley, and Citibank, though it is unclear which of them participated.
Husriyeh said Syria hopes to resume transactions with U.S. banks within weeks. “We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks,” he said.