Central Bank Reopens Foreign Accounts
The governor of Syria's central bank, Mohammed Safwat Raslan, announced that the institution has reactivated its accounts at the central banks of Turkey and France and at the US Federal Reserve, with work underway to reactivate accounts held at central banks in other countries. He made the announcement in an address to an economic forum in Istanbul on 9 October 2026.
Reactivating these correspondent accounts is a step toward reconnecting Syria's economy and its banking sector to the global financial system after years of isolation. Accounts at foreign central banks underpin cross-border settlement and official transfers.
Overhaul of the Institution
Raslan said the central bank is rebuilding its organizational structure and adopting a new institutional plan, including the recruitment of new staff from abroad. He framed the changes as an effort to strengthen compliance with regulations and to entrench institutional governance across the bank.
New Banking Laws Expected
He said the bank intends to announce new strategies for the legislation governing the banking sector within a few weeks. He also noted that Syria holds one of the oldest legal frameworks in the region for combating money laundering and terrorism financing, and that the country recently began implementing a three-year strategy to counter such crimes.
French Technical Program
On 7 October 2026, the central bank launched a project carried out with a French technical mission to develop its institutional and technical capacities and to draw on international expertise in strengthening its supervisory and monetary tools.
The program follows two main tracks: the first develops risk-based banking supervision, and the second strengthens the bank's capacities in monetary policy, economic analysis, liquidity management, and the interbank market.
Reconnecting to Global Finance
Taken together, the reactivated central-bank accounts, the internal restructuring, and the planned legislation point to a phased effort to rebuild the standards that foreign banks require before resuming dealings with their Syrian counterparts. Compliance and governance were presented as the foundation of that effort.
The governor said work continues to reactivate accounts at additional central banks, indicating that the process of restoring correspondent relationships is still unfolding rather than complete.