Syria's Central Bank Completes Banking Settlement With Federal Reserve in New York

The Central Bank of Syria announced Sunday it has completed procedures to settle its banking relationship with the Federal Reserve Bank of New York and has officially reopened its account, marking what it described as a significant institutional step toward reintegration into the global financial system.

In a statement, the bank said the development followed intensive efforts over recent months, conducted in coordination with the US Treasury and the Federal Reserve, including a series of technical meetings and workshops involving specialized teams.

The central bank noted that reopening the account enhances its ability to manage foreign reserves more efficiently and secure formal channels for executing international transfers and settling cross-border payments.

Governor Dr. Abdul Qader Hasriya described the move as a “strategic milestone” in Syria’s path toward re-engagement with international financial institutions.

“Completing the settlement of banking relations and reopening the account with the Federal Reserve in New York represents a strategic turning point in Syria’s reintegration into the international financial system,” he said.

He added that the step strengthens confidence among global financial institutions in Syria’s banking sector while reinforcing domestic trust in monetary policy and financial stability.

The central bank indicated it has simultaneously worked on upgrading compliance mechanisms, enhancing anti-money laundering (AML) and counter-terrorism financing frameworks, and updating regulatory structures related to financial crime prevention in line with international standards and best practices.

Officials said these reforms aim to bolster the resilience and credibility of Syria’s banking sector.

The bank further stated that the Syrian economy is on an upward trajectory, supported by expanding economic activity and improving confidence indicators.

It referenced recent assessments by the International Monetary Fund, which noted improvements in macroeconomic indicators and renewed momentum in key sectors.

According to the statement, these developments reflect a positive shift in economic expectations and pave the way for stronger, more sustainable growth in 2026 and beyond.

The reopening of the New York Fed account is widely viewed as a technical yet symbolically significant step, potentially facilitating smoother international transactions and greater financial normalization after years of isolation.