In a move aimed at modernizing Syria’s financial and economic system, the Governor of the Central Bank of Syria (CBS), Abdulkader al-Husrieh, announced plans to amend Law No. 34 of 2023, which governs the import and export of gold.
The reforms also introduce a new regulatory framework for licensing domestic gold refineries, developed in coordination with relevant government bodies and the country’s Anti-Money Laundering and Counter-Terrorism Financing Commission.
According to the announcement by al-Husrieh, published on CBS Telegram channel, the initiative is part of a broader effort by the Central Bank to “revamp Syria’s foreign exchange and precious metals system and to bolster the country’s gold and jewelry sector”.
He emphasized that the new policy aims to support local production, encourage investment, and “establish a transparent and regulated gold market” that can build investor confidence while curbing smuggling and speculation.
The proposed framework includes licensing gold refineries that meet international technical and environmental standards, and upholding the highest levels of financial integrity and compliance with anti-money laundering (AML) regulations. The goal, al-Husrieh noted, is to position Syria as a regional hub for gold and jewelry manufacturing and to revive its longstanding reputation for craftsmanship and high-quality production in this field.
The Central Bank will directly oversee implementation through a national digital registry for gold traceability, along with a dedicated licensing system for gold refineries, ensuring transparency and accountability at every stage of the supply chain.
Amending Law 34 is seen as a key milestone in restructuring Syria’s gold sector and opening new opportunities for investment and industrial development. It is a part of the Syrian government’s broader economic recovery strategy, aiming to build a more efficient and open financial environment.
Enacted in 2023, Law No. 34 regulates Syria’s gold import and export operations. It was introduced to channel gold trade through official mechanisms, enhance transparency, and combat illicit trafficking and market manipulation.
