The Syrian Ministry of Finance announced today a comprehensive and far-reaching reform plan for the country’s public banking sector, according to the state-run Syrian Arab News Agency (SANA).
Speaking at a meeting with the general managers of public banks, Minister of Finance Mohammad Yusr Barniyeh said the reform blueprint was developed in coordination with the Central Bank of Syria and other regulatory bodies, following “thorough professional auditing and review.”
Barniyeh explained that the initiative seeks to modernise Syria’s public banks, improve their services, enhance their competitiveness, and strengthen their role in national development.
According to SANA, the minister also reviewed the current performance of the banking sector, acknowledging the challenges posed by corruption and structural distortions inherited from the former regime.
This reform push comes amid signs of re-engagement with global financial systems. On June 19, the Central Bank of Syria announced that it had successfully carried out its first international bank transfer via the global SWIFT system since the onset of the country’s crisis.
In a statement to Reuters, Central Bank Governor Abdelkader Husariyeh confirmed that a direct commercial transaction was executed from a Syrian bank to an Italian bank on Sunday, marking a significant milestone in Syria’s reintegration into global financial networks.
Earlier this month, on June 9, Hasriyyeh told the Financial Times that Syria was preparing to fully rejoin the SWIFT system. He explained that this move is part of a broader roadmap to restructure Syria’s financial system and overhaul its monetary policy framework.
He added that reconnecting with SWIFT would help facilitate foreign trade, reduce import costs, support exports, and attract the hard currency the Syrian economy urgently needs following years of sanctions and prolonged economic crisis.
This latest initiative follows the ministry’s earlier step to form a dedicated committee for tax reform, signaling a broader effort to rehabilitate Syria’s fiscal and financial institutions.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
