Syria’s economy is growing faster than expected
Syrian Central Bank Governor, AbdulKader Husrieh, has claimed that Syria’s economy is growing considerably faster than The World Bank’s one percent projection for 2025, as thousands of returning refugees from the 14 year civil war have reenergised growth and development, according to a report in The Arab Weekly on 6th December.
This favourable economic climate has spurred on plans for the reintroduction of the country’s currency and its transformation into a new Middle East financial power.
Speaking via video link at the Reuters NEXT conference in New York, Husrieh explained his governments deal with world-leading digital transactions network Visa, which will enable digital payment systems in Syria.
“We are working to have a fully finished payment system in which we have global partners because … our vision is to have Syria as hub, a financial hub, for the Levant” region”
In a separate statement, Visa added: “The immediate focus will be on working with licensed financial institutions to develop a robust and secure payments foundation. This includes issuing payment cards and enabling digital wallets using global standards.”
Husrieh has been attempting to re-establish his country amongst the global financial market after President Ahmed al-Sharaa ended Bashar al-Assads’ 24-year reign of misery last year.
The Chief Bank Governor described the repeal of multiple US sanctions against his country on 10th November as “a miracle.”
The US Treasury declared a 180-day extension of the suspension of the ‘Caesar sanctions’ against Syria last month, with a total removal requiring authorisation from US congress.
Hursieh explained that due to positive talks with US lawmakers, he predicts the sanctions will be completely revoked by the end of 2025. He added: ““Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria.”
The Syrian government are also attempting to update prevention schemes against money-laundering and the financing of terrorism, Hursieh said this deliver will further reassurance to potential lenders.
The Central Bank has recently arranged talks with banks from the US, Turkey, Jordan and Australia, to analyse protocol when reviewing transactions.
He also revealed that Syria is ready to roll-out a new currency in eight note denominations and verified plans to remove two zeroes from them, in an attempt to re-establish confidence in the Syrian pound, which was recorded at 11,057 compared to the dollar by LSEG Workspace on Thursday.
He promised the country would end 70 years of central bank financing of its government budget deficits and restore faith in public finances and central bank management, stating :“The new currency will be a signal and symbol for this financial liberation”
The Arab Weekly, Maghrebi.org
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