Central Bank of Syria pursues new international banking partnerships

The Central Bank of Syria is actively pursuing new international banking partnerships to reintegrate its financial sector into the global system. In New York, a delegation led by Governor Safwat Raslan met with officials from the Federal Reserve Bank of New York to discuss enhancing bilateral banking relations. The discussions focused on the technical and operational aspects of utilizing the Central Bank of Syria’s account held at the Federal Reserve to facilitate external transactions and international transfers.

Additionally, the Central Bank of Syria and the Central Bank of the United Arab Emirates signed a memorandum of understanding in Istanbul. Signed by Safwat Raslan and UAE Central Bank Governor Khaled Mohamed Balama, the agreement aims to strengthen cooperation in financial sectors, regulatory oversight, and technology. Key areas of collaboration include payment mechanisms, monetary policies, financial technology (fintech), sustainable finance, financial inclusion, and consumer protection. These moves reflect ongoing efforts by Syrian authorities to modernize their regulatory frameworks and expand regional and international financial ties.