Workshop Held in Damascus
The Central Bank of Syria organized a consultative workshop in Damascus with the US bank Citibank on global best practices in banking and on mechanisms for clearing transactions in US dollars. The session was attended by the central bank's governor, Muhammad Safwat Raslan, alongside representatives of Citibank and the Ministry of Finance.
The central bank announced the meeting through its Telegram channel on Wednesday, 15 July 2026.
Focus on Dollar Clearing
According to the central bank, the workshop covered correspondent banking, US dollar clearing, and cross-border payments and transfers. It also addressed the infrastructure used for clearing and financial settlement between institutions.
The stated purpose was to support the operational capacity of the central bank and to exchange knowledge on international standards in banking, payments and clearing.
How Clearing Works
Dollar clearing is the mechanism through which transactions and transfers denominated in US dollars are settled between banks, both domestically and internationally. Such settlements are carried out through networks of correspondent banks.
Correspondent banks act as intermediaries, allowing payments to move between institutions that do not hold direct accounts with one another. These links are central to processing international payments efficiently and securely.
A Global Lender
Citibank is part of Citigroup, one of the largest banking groups in the United States, providing banking and financial services across numerous international markets.
The central bank described the session as an exchange of knowledge and expertise. It did not announce any agreements, figures or specific commitments arising from the discussions.