Second Enforcement Phase Begins
The Central Bank of Syria has launched a second phase of measures to regulate the country's currency-exchange and money-transfer market, carried out in coordination with the Interior Ministry. The announcement was made through the bank's official channels.
The move follows a first phase, concluded this week, that centered on formal warnings to operators working outside the licensing system.
Arrests and Seized Funds
Supervisory patrols identified people who continued to run exchange and transfer businesses without a license despite earlier warnings and without regularizing their status under current law. Authorities detained a number of operators, drew up official violation reports, and impounded cash that had been set aside for the unlicensed activity.
Investigations are continuing ahead of referrals to the competent courts.
A Lasting Priority
The central bank's governor said on 20 October 2026 that controlling the exchange and transfer market would not be a temporary step but a core focus of the institution's work in the period ahead. He said the bank would keep working until regulation, transparency, and compliance became the backbone of Syria's financial sector.
He added that the bank would press on with supervisory and enforcement measures, protect financial transactions, and show no leniency toward violations, in coordination with the relevant bodies.
Goal of a Formal Market
Officials framed the campaign as an effort to do more than impose penalties. The stated aim is to build an organized financial market, restore confidence, and create a sound banking environment that supports economic activity and protects the public.
The first phase had included issuing 755 warnings before the bank published a list of licensed exchange and transfer firms.
Toward Formal Oversight
By pushing operators toward licensing and formal supervision, the bank is seeking firmer control over the channels used to trade the Syrian pound (SYP) against the US dollar (USD) and to move money into the country.
It called on everyone working in the sector to comply with the governing rules and to avoid unlicensed activity in order to escape legal accountability and penalties.