Syrian Central Bank: Canceling "Caesar" Will Expand Financial Transfers

SadaNews - The Governor of the Central Bank of Syria, Abdel Qader Housari, considered the U.S. House of Representatives' cancellation of the "Caesar Law" sanctions a pivotal point for monetary stability in the country.

The "Caesar Law," which has imposed sanctions on Syria since 2019, is one of the most prominent tools of economic pressure in light of the crimes committed by the Assad regime against the Syrian people.

The cancellation of the law, which included extensive economic and financial sanctions, could pave the way for the return of investments and foreign aid, contributing to the support of the economic recovery path for the new Syrian administration.

Housari stated to the Syrian news agency (SANA) that the cancellation of the law "represents a pivotal station that will reflect positively on monetary and economic stability in Syria."

He added that the cancellation of the law would open the door to:

Expanding the flow of financial transfers.

Increasing trade fluidity.

Restoring a significant part of the confidence in the Syrian banking sector.

He emphasized that the Central Bank of Syria will continue to take the necessary measures to seize this opportunity in the service of exchange rate stability and support the economic recovery path.

He also stated: "If the cancellation of the Caesar Law seems like a miracle, it in itself will not create miracles, as the real miracle happens when we all work to take advantage of this important step in building our country and its institutions, enhancing economic and social stability, and attracting investments."

Earlier, Housari told Al Jazeera that ending the implementation of the U.S. Caesar Law would be the last and most important station to pave the way for integrating his country into the global banking system.

The Governor of the Central Bank of Syria added that the government has set plans to develop the financial and banking system as soon as the Caesar sanctions are lifted, and that the bank has received training from the U.S. Treasury Department and discussed with major banks about its future steps.

Economic Improvement

SANA reported experts stating that the cancellation of sanctions under the "Caesar Law" will open the door to a new phase of economic openness, attracting investments, and restructuring vital economic sectors.

They considered that the results of the cancellation of the Caesar Law will gradually appear as the business environment improves, foreign funding channels return, and broader investment opportunities become available.

Earlier, economic experts told Al Jazeera Net that canceling the Caesar Law is an important station on the road to economic recovery and Syria's return to the global financial system.

They predicted a decline in the prices of basic commodities alongside an improvement in the exchange rate of the Syrian pound in the coming weeks, and then an improvement in commercial activity in Syrian markets.

Last Thursday, the U.S. House of Representatives approved the National Defense Authorization Act for the fiscal year 2026, which includes a provision to cancel the sanctions of the "Caesar Law."

The project moves to the Senate, where the Republicans have a comfortable majority, for a vote expected next week before the end of the current year, after which it will be signed by President Trump, and the cancellation of sanctions will come into effect.