Latest news with #Husariya
Roya News
a day ago
- Business
- Roya News
Syria rules out foreign loans, unveils new economic strategy
Syria will not seek loans from foreign lenders or international financial institutions such as the International Monetary Fund (IMF) or the World Bank, the country's Central Bank Governor Abdul Qader Husariya announced on Friday. Speaking to the state-run Syrian Arab News Agency (SANA), Husariya said the decision was made under direct orders from President Ahmed al-Sharaa, emphasizing that Syria is committed to economic independence and self-reliance following the fall of Bashar al-Assad's regime in late 2024. 'The Syrian government will not resort to external debt,' Husariya stated, adding that the country is focused on building a production-based economy driven by exports, rather than relying on high interest rates or speculative investments. Since the end of Assad's rule, the Syrian pound has reportedly recovered by 30 percent. Husariya stressed that there are no plans to peg the national currency to the US dollar or the euro, but instead to allow it to stabilize gradually through internal reforms and restored investor confidence. He said the investment climate in Syria has entered a new era, noting that for the first time in 70 years, all sectors of the economy are witnessing renewed activity. 'We have reached a phase of full economic recovery,' he declared. The economic shift comes as US President Donald Trump signed an executive order on June 30 lifting sanctions on Syria, following similar moves by European governments. The removal of international restrictions has provided a major boost to Syria's financial and trade sectors. Among the structural changes underway, Husariya announced plans to establish a deposit insurance institution, unify the exchange rate, and offer real estate loans to Syrians living abroad. In a sign of growing international financial reintegration, Syria in June executed its first direct international bank transfer in over a decade—from a local Syrian bank to an Italian institution via the SWIFT network. 'Syria has entered a new phase of monetary and banking openness,' Husariya said, describing it as a turning point after decades of isolation under the Baath Party regime, which collapsed when Assad fled to Russia in December 2024.
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Syria rules out foreign borrowing as central bank hails post-Assad recovery
DAMASCUS — The Governor of the Central Bank of Syria, Abdul Qader Husariya, confirmed on Friday that Syria will not resort to borrowing from international institutions, as the country begins to emerge from years of conflict following the collapse of the Assad regime. 'Syria, by order of President Ahmad al-Sharaa, will not resort to external debt, nor will there be any borrowing from the International Monetary Fund or the World Bank,' Husariya said in remarks published by state news agency SANA. Husariya noted that the Syrian pound has appreciated by 30% since the downfall of Bashar Al-Assad's regime in late 2024, signaling increased economic stability. He ruled out any move to peg the national currency to the US dollar or euro, stating that the government aims to foster a production-driven economy supported by exports, rather than high interest rates or speculative investments. 'The investment environment is now qualified to provide stable returns for investors,' he said, describing the recovery as the first time in seven decades that all sectors of the Syrian economy have reactivated fully. The comments come in the wake of President Donald Trump's June 30 executive order lifting longstanding U.S. sanctions on Syria. That move was followed by similar decisions from European nations, providing a boost to Syria's international financial access and economic prospects. In a signal of reform, Husariya announced that Syria will soon establish a deposit insurance institution and unify the exchange rate of the Syrian pound within months. He also confirmed that real estate loans will soon be available to Syrians living abroad. 'Syria has embarked on a new phase of monetary and banking openness, parallel to the beginning of the end of the decades-long isolation of the banking sector,' he said. In June, Syria executed its first direct international bank transfer in 13 years, from a local bank to an Italian institution, using the SWIFT system, a milestone enabled by eased Western restrictions. President Ahmad al-Sharaa assumed leadership of a transitional administration in January 2025, following Assad's departure to Russia in December and the collapse of the Baath Party's rule, which had lasted since 1963. — Agencies
