Syria Officially Returns to the SWIFT System

SadaNews Economy - Central Bank of Syria Governor Abdul Qadir Al-Hosari stated that the bank sent its first "SWIFT" message to the Federal Reserve Bank in New York on Thursday.

Reuters quoted Al-Hosari as saying, "We sent a greeting (message) to all international correspondent banks. We started with the Federal Reserve, telling them that we have returned to the international financial system, and we look forward to long-term trade relationships."

Syria needs to conduct transfers with Western financial institutions in order to bring in large amounts for reconstruction and to revive an economy devastated by war.

This comes as part of the lifting of international sanctions on Syria, the latest of which was the extension by the US Treasury Department this month of the suspension of the "Caesar Sanctions" law for 180 days, but the complete lifting of these sanctions is contingent upon the approval of the US Congress.

US President Donald Trump pledged to do everything in his power to support Syria following talks with Syrian President Ahmad Al-Shara.

Trump hosted Al-Shara this month in the first-ever visit by a Syrian president to the White House, six months after their first meeting in Saudi Arabia.

The US Treasury promised to "continue easing sanctions" and announced a new decision that replaces its waiver issued on May 23 regarding the enforcement of the "Caesar Act" of 2019, which imposed widespread sanctions due to human rights violations during Assad's rule. The new decision extends the waiver for another 180 days.