Latest news with #Husriyeh
Observer
3 hours ago
- Business
- Observer
Syria completes first global SWIFT transfer since war, governor says
Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system. Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with U.S. banks could begin within weeks. "The door is now open to more such transactions," he said. Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank. Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations. Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria envoy Thomas Barrack. The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties. "We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.
Straits Times
8 hours ago
- Business
- Straits Times
Syria completes first global SWIFT transfer since war, governor says
FILE PHOTO: Bundles of Syrian currency notes are stacked up as an employee counts money at Syrian central bank in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo DAMASCUS - Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system. Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with U.S. banks could begin within weeks. "The door is now open to more such transactions," he said. Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank. Assad was ousted as president in a lightning offensive by Islamist-led rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed al-Sharaa and U.S. President Donald Trump in Riyadh. The U.S. then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime. Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations. Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria envoy Thomas Barrack. The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties. "We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters. Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
9 hours ago
- Business
- Yahoo
Exclusive-Syria made first direct international bank transfer via SWIFT since war, central bank governor says
DAMASCUS (Reuters) -Syria this week carried out its first international bank transfer via the SWIFT international payment system since the outbreak of the country's 14-year civil war, central bank governor Abdelkader Husriyeh said on Thursday, a milestone in Syria's push to reintegrate into the global financial system. Husriyeh told Reuters in Damascus that a direct commercial transaction was carried out from a Syrian to an Italian bank on Sunday. "The door is now open to more such transactions," he said.
Yahoo
9 hours ago
- Business
- Yahoo
Syria expects first transfer with U.S. bank 'within weeks', governor says
By Timour Azhari DAMASCUS (Reuters) -Syria expects to have its first transaction with a U.S. bank "in a matter of weeks", Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and U.S. commercial banks. The resumption of transfers between Syrian and U.S. banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war. Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows U.S. President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. "We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters. Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended.
Straits Times
10 hours ago
- Business
- Straits Times
Syria expects first transfer with U.S. bank 'within weeks', governor says
FILE PHOTO: Bundles of Syrian currency notes are stacked up as an employee counts money at Syrian central bank in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo Syria expects first transfer with U.S. bank 'within weeks', governor says DAMASCUS - Syria expects to have its first transaction with a U.S. bank "in a matter of weeks", Syrian central bank governor Abdelkader Husriyeh said on Thursday, a day after a high-level meeting between Syrian and U.S. commercial banks. The resumption of transfers between Syrian and U.S. banks would be a key milestone in the push by Syria's new rulers to reintegrate the country into the global financial system after 14 years of civil war. Husriyeh on Wednesday held a virtual conference bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria Envoy Thomas Barrack, with the aim of speeding up the reconnection of Syria's banking system to the global financial system. This follows U.S. President Donald Trump's announcement in May that all sanctions on Syria would be lifted. That has been followed up with executive orders formally lifting some of the measures. Syria's reintegration into the global financial system would be a major step towards enabling the kind of large financial transactions needed to kickstart its reconstruction and economic activity, and help rein in a highly informal, cash-based economy. Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties following the ouster of former Syrian strongman Bashar al-Assad, whose crackdown on 2011 protests resulted in Western countries imposing one of the world's strictest sanctions regimes. "We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters. Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and CitiBank, though it was not immediately clear who attended. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
