Damascus, SANA-The Governor of the Central Bank of Syria (CBS), Dr. Abdul Qader Husariya, said that Syria, by order of President Ahmad al-Sharaa, will not resort to external debt, nor will there be any borrowing from the International Monetary Fund or the World Bank.
Dr. Husariya said, in an interview with CNBC Arabia, that the Syrian currency exchange rate has improved by 30%, indicating that the Syrian pound will not be pegged to the dollar or the euro.
He stressed that the government seeks to build a healthy economy based on production and exports, without relying on high interest rates or risky investment incentives.
The Governor pointed out that the investment environment is now qualified to provide stable returns for investors after the Syrian economy entered, for the first time in seven decades, a phase of full recovery of activity in all its sectors.
“A deposit insurance institution will be established in Syrian banks. It is also expected that distortions in the Syrian pound’s exchange rate will end within months, with a unified exchange rate being reached. Real estate loans will be provided to Syrians abroad.” Husariya stated.
The Central Bank Governor added that Syria has embarked on a new phase of monetary and banking openness, parallel to the beginning of the end of the decades-long isolation of the banking sector. For the first time since 2012, direct and indirect financial transfers are returning, along with the restoration of access to the global SWIFT system.
MHD Ibrahim
