Syria's Central Bank Replaces 80% of Old Banknotes Under Governor Safwat Raslan

Governor Safwat Raslan announced that around 80% of Syria’s old banknotes have been exchanged, calling the operation a “successful national operation” that bolsters confidence in the monetary system. He said the next phase will introduce a regulatory framework for licensing electronic wallets and digital payment services, and launch a national strategy to combat money‑laundering and terrorist financing, aiming for removal from the FATF grey list.

Raslan, a former refugee who returned after roles at Deutsche Bank and EY, faces the task of stabilising the Syrian pound, standardising banking operations, expanding Sharia‑compliant products and attracting foreign investment amid reconstruction needs estimated at $345 billion. While sanctions have largely been lifted and the first SWIFT transfer in years occurred last year, Syrian banks remain partially isolated, making the governor’s reforms crucial for reconnecting the country to the global financial system.