Syria will not seek foreign loans or turn to international financial institutions such as the International Monetary Fund (IMF) or the World Bank, the country’s Central Bank Governor Abdul Qader Husariya announced Friday.
In remarks carried by SANA, Syria’s state news agency, Husariya emphasized that President Ahmad al-Sharaa has firmly directed the government “not to resort to external debt” as the country rebuilds after the fall of Bashar al-Assad’s regime in late 2024, News.Az reports, citing Anadolu Agency.
Husariya said the Syrian pound has strengthened by 30% since the transition, and added that the government has “no intention to peg the currency to the U.S. dollar or the euro.” Instead, Syria aims to foster a production- and export-driven economy, avoiding reliance on high interest rates or risky incentives.
The statement marks a bold shift in Syria's economic policy, as the country moves to reintegrate into the global financial system. According to Husariya, Syria has entered “a phase of full recovery across all sectors,” for the first time in seven decades.
Following the departure of Assad, who fled to Russia in December after nearly 25 years in power, the country has undergone a series of reforms. A transitional government under President al-Sharaa was formed in January 2025.
On June 30, U.S. President Donald Trump lifted American sanctions on Syria via executive order, joining recent European moves to ease similar restrictions. That international shift has unlocked access to financial networks and sparked renewed investor interest.
In June, Syria conducted its first international bank transfer via SWIFT in 13 years, sending funds from a local bank to Italy, signaling the gradual end of Syria’s banking isolation.
Governor Husariya outlined several major initiatives aimed at stabilizing and modernizing Syria’s financial system:
- Creation of a deposit insurance institution to protect bank customers.
- Unification of exchange rates to eliminate market distortions.
- Real estate loans for Syrians abroad to support investment and housing recovery.
“Syria has embarked on a new phase of monetary and banking openness,” he added, noting that the new investment environment offers stable returns and is positioned for long-term growth.
The post-Assad economic plan places a strong emphasis on self-reliance, currency stability, and attracting diaspora capital, an ambitious roadmap as Syria seeks to emerge from decades of conflict and isolation.
