Syrian Central Bank regulatory and international efforts

The Central Bank of Syria has initiated efforts to modernize its regulatory frameworks and expand its financial reach through both international cooperation and domestic enforcement.

On the international front, the bank is seeking to reintegrate its financial sector into the global system. This includes discussions with the Federal Reserve Bank of New York regarding the technical aspects of using the bank’s account to facilitate international transfers. Additionally, the Central Bank of Syria signed a memorandum of understanding with the Central Bank of the United Arab Emirates in Istanbul to strengthen cooperation in areas such as payment mechanisms, fintech, and regulatory oversight.

Domestically, the bank has increased regulatory enforcement to protect consumer rights and prevent illicit financial operations. Following field inspections conducted with the Ministry of Interior, the bank issued warnings to 755 unlicensed businesses, including shops and offices performing currency exchange and money transfer activities without proper authorization. These enforcement actions were carried out across multiple governorates, including Damascus, Aleppo, and Idlib.