Damascus, SANA- Damascus, SANA-The Governor of the Central Bank of Syria (CBS), Dr. Abdul Qader Husariya,, stressed that the world’s trade doors are now directly open to Syrians, which will positively impact citizens.
In an interview with the Syrian News Channel, Dr. Husariya said, “We have begun communicating with the World Bank to avoid any waste in remittances and funds. We are seeking to license direct transactions without the presence of intermediary banks. Syria has also restored SWIFT services, and local banks have resumed direct and indirect financial transfers for the first time since 2011.”
He added, “Syria is facing a historic moment in which it is returning to a free economy, and the state is assuming its duty to serve the people, free from exploitation.”
Husariya pointed out that public banks need support to free them from the burdens of the past, resulting from the policies pursued by the former regime, which placed them at the service of a corrupt and failed economic system.
The Central Bank Governor reiterated Syria’s commitment to international laws and to working in accordance with global principles, indicating that the Central Bank has developed a strategy for dealing with correspondent banks, including the US Federal Reserve and a number of Arab and European central banks.
Husariya indicated Syria is seeking to reactivate its frozen accounts in some Western banks, as well as directly activate the SWIFT financial system without service offices, a first in Syria.
He pointed out that despite the significant customs reduction, customs imports have become higher than they were under the former regime due to the elimination of the corrupt system it ran.
The CBS Governor pointed out that Syrian diplomacy played a major role in removing Western sanctions, which contributed to the direct resumption of export operations.
Husariya emphasized that dealings with the International Monetary Fund and the World Bank are limited to technical matters and there is no interference in policy; they only provide advice. He said, “Syria received a $147 million grant, not a loan.”
The Governor reviewed the measures that will be taken regarding real estate and housing financing to make them long-term, more flexible, and less costly, in addition to Involving Islamic finance, Arab development funds, and European investment funds to provide loans on concessional terms, as they are developmental rather than commercial in nature.
Husariya said, “The Syrian economy is diverse and possesses rich human resources. Therefore, one of our goals as a monetary policy is to establish a unified price ceiling, a financial sector that serves the business and civil sectors, and payment services that satisfy the people.”
MHD Ibrahim
