Removal of Syria from US terror list opens path to rebuilding banking ties: Central Bank Governor
QNADamascus Governor of the Central Bank of Syria Safwat Raslan said the US decision to remove Syria from the list of state sponsors of terrorism represents a significant developme...
Central Bank Governor Safwat Raslan of Syria highlighted the importance of the US removing Syria from the state sponsors of terrorism list. Raslan stated that this decision represents a significant opportunity for rebuilding banking and financial ties with international institutions. He emphasized that it could pave the way for expanding cooperation with global banks and financial entities, enhancing correspondent banking relations, and supporting trade, remittances, and import/export operations.
Raslan clarified that while the removal from the list is a positive step, it does not automatically erase all existing restrictions on the Syrian financial sector. The Central Bank of Syria remains committed to fulfilling various legal, regulatory, technical, and commercial requirements, as well as meeting compliance standards set by international financial bodies.
The immediate focus is on bolstering the Syrian banking sector's preparedness, refining regulatory frameworks, improving compliance and risk management systems, and reinforcing anti-money laundering and terrorist financing measures. Additionally, upgrading technological infrastructure and payment systems is crucial to ensuring the system's robustness.
Raslan stressed that a resilient and transparent banking sector is essential for attracting investment and fostering economic growth. He highlighted that the Central Bank's role extends beyond restoring banking relations to building a modern, efficient, and reliable financial system that can facilitate capital flows, trade, and investment.
Raslan stressed that achieving these goals necessitates ongoing institutional efforts, coordination among national entities, and collaboration with regional and international financial institutions. The Central Bank of Syria views this phase as a chance to rebuild the financial sector on contemporary foundations, enhance its capacity to support the national economy, and gradually integrate it into the global financial system.
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