Meeting at the Fed
A delegation from the Central Bank of Syria, headed by Governor Safwat Raslan, met officials of the U.S. Federal Reserve Bank in New York on 5 October 2026 to discuss the conduct of banking relations between the two institutions. The central bank said the talks centered on the use of Syria's account at the Federal Reserve and on how that account could be put to practical use.
Using Syria's Fed Account
At the joint meeting, held at the Federal Reserve's headquarters, the two sides examined the technical and operational aspects of using the Syrian account to execute banking operations, together with the mechanisms that would govern such transactions. The bank said the exchange supported taking practical steps to develop ties between the two sides.
The discussion was described as building on channels that already exist between the two institutions rather than opening an entirely new one, with the focus on turning those channels into working arrangements.
Legal and Compliance Review
The delegation and its counterparts also addressed the legal dimensions of banking operations and of the bilateral relationship. The Syrian side reviewed recent institutional and regulatory changes, including developments reported by the authority responsible for combating money laundering and the financing of terrorism, which it presented as part of its progress over the past period.
Roundtable With U.S. Firms
Finance Minister Muhammad Yasir Barnia and Governor Safwat Raslan took part in a roundtable on Syria organized by the American Chamber of Commerce at Citibank's headquarters in New York. Representatives of U.S. companies and of investment, commercial and financial institutions attended the session, which ran alongside the central bank's meeting at the Federal Reserve.
What the Talks Signal
The central bank characterized the meeting as a step toward developing its relationship with the Federal Reserve Bank in New York, building on existing channels to advance banking cooperation. It framed the session as a continuation of established contacts aimed at putting the account relationship on a practical footing rather than a finished agreement.