The Governor of the Central Bank of Syria (CBS), Abdelkader Al-Husariya, announced on Saturday that an agreement has been reached with the Bank of Canada to initiate the necessary procedures for opening a CBS account. He described the move as a significant financial development, reflecting a new phase of the Syrian financial system’s openness toward international monetary institutions.
اضافة اعلان
In a post on his official Facebook page, Al-Husariya explained that this step is the culmination of meetings held with the Bank of Canada in late 2025. It also follows the Canadian government's decision to lift sanctions previously imposed on Syria, which paved the way for rebuilding official banking channels after years of restrictions.
Strategic Objectives and Financial Impact
The Governor highlighted several key benefits of having accounts at major central banks:
International Transfers: Facilitating the execution of global financial transfers.
Reserve Management: Enhancing the ability to manage foreign currency reserves.
Global Credibility: Providing greater reliability in international financial dealings.
Economic Connectivity: Improving payment channels and settlements, which is expected to facilitate trade, imports, and remittances, ultimately boosting economic activity.
Diversification of Assets
Al-Husariya added that diversifying accounts across multiple central banks—such as the Federal Reserve in the United States and the Bank of Canada—reflects the CBS's strategy to expand its international financial network and reduce reliance on a single channel for managing payments and reserves.
He concluded by stating that this is more than just a technical procedure; it is an indicator of broader shifts in international financial relations. He expressed hope that this marks the beginning of a gradual path toward reintegrating the Syrian economy into the global financial system and restoring confidence in the Syrian banking sector.
