Damascus, March 7 (SANA) Syria’s Central Bank has reached an agreement with the Bank of Canada to begin procedures for opening an account, the bank’s governor, Abdelkader Husrieh, announced on Saturday.
In a Facebook post, Husrieh described the move as a major financial development, signaling a new phase of engagement between Syria’s financial system and international monetary institutions. He said the step follows meetings held last year with the Bank of Canada and comes after Canada lifted sanctions on Syria, allowing the restoration of official banking channels after years of restrictions.
Husrieh said accounts at major central banks will facilitate transfers, improve foreign currency reserve management, and increase confidence in international financial dealings.
He added that diversifying accounts across multiple central banks, including the U.S. Federal Reserve and the Bank of Canada, reflects a broader effort to expand Syria’s international financial network and reduce reliance on a single channel for payments and reserves.
The governor expressed hope that the development would ease trade, imports, and transfers and improve payment and settlement channels. He added that it would support the gradual reintegration of the Syrian banking sector into the global financial system.
Canada lifted sanctions on Syria on December 5, citing the government’s efforts to stabilize the country, in line with similar decisions by its allies, including the UK and the U.S.
M.Q.R
