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Syria Executes First Direct International Bank Transfer via SWIFT Since Civil War
Syria has taken a significant step towards reintegration into the global financial system by successfully completing its first direct international bank transfer through the SWIFT payment network since the onset of its prolonged civil war. This historic transaction marks an important milestone in Syria’s efforts to reconnect economically with the world after more than a decade of conflict and financial isolation.
Abdelkader Husriyeh, the governor of Syria’s central bank, confirmed the development in Damascus, revealing that the transaction was carried out on a recent Sunday. The transfer was a commercial transaction directly executed from a Syrian bank to an Italian bank, signaling a thaw in Syria’s financial isolation that had persisted since 2011.
The Syrian civil war, now in its 14th year, has severely disrupted the country’s economic activities and strained its banking infrastructure. International sanctions and restrictions have largely prevented Syria from engaging in global financial markets, leaving its banking sector cut off from international payment systems such as SWIFT. This exclusion from SWIFT, the global messaging network used by banks to securely transmit information and instructions, has been a major barrier to Syria’s economic recovery and international trade.
The successful transfer indicates potential improvements in the diplomatic and financial relationships between Syria and other countries, particularly in Europe. The ability to conduct direct transactions through SWIFT is crucial for trade, investment, and economic development, as it facilitates faster and more secure cross-border payments. This development may pave the way for Syria to gradually restore its banking operations on an international scale and attract foreign business partnerships.
However, challenges remain. Syria still faces numerous economic sanctions from various international actors, and its financial system must undergo further reforms and compliance checks to fully normalize its global banking relationships. The transaction represents a hopeful beginning, but the broader reintegration of Syria into the world economy will require sustained political and economic stability.
This event provides a glimpse into Syria’s potential path forward—a future where economic isolation is diminished, and international financial interactions are normalized, allowing the country to rebuild and develop through increased cooperation with global partners.
