Central Bank of Syria

The Central Bank of Syria is Syria’s central bank and principal monetary authority. Its core responsibilities include issuing the Syrian pound, managing monetary conditions, supervising banks operating in the country, acting as financial agent for the state and supporting the functioning of domestic payment and foreign-exchange systems. The bank’s stated institutional objective is to promote stability, integrity and efficiency in Syria’s financial and payment systems in support of broader macroeconomic performance. The legal framework for establishing the bank was adopted in 1953, although the institution began operations in 1956. Before its creation, banking and currency-issue functions were heavily influenced by foreign-owned institutions, particularly the French-owned Banque de Syrie et du Liban. The new central bank was given authority over note issuance, money supply, credit conditions and commercial-bank regulation. It was also initially expected to operate as a development bank until specialized financial institutions could be created. Its policy powers were exercised within a framework overseen by the Council on Money and Credit. The bank became part of a progressively state-directed financial system after the Suez crisis and Syria’s political union with Egypt. Commercial banking was Arabized and later subjected to limited nationalization. In 1966, the state nationalized the commercial banking sector and consolidated existing commercial banks into the Commercial Bank of Syria, while also establishing specialized banks for sectors such as agriculture and industry. The Central Bank consequently operated within a predominantly public banking structure for much of the modern period, although private banks later returned to the Syrian market. Operationally, the Central Bank issues and manages the Syrian pound, sets a daily intervention price for the currency in the foreign-exchange market and exercises supervisory control over banks in Syria. It maintains a headquarters in Damascus and has been described as having branches in the provincial capitals. Its SWIFT identifier is CBSYSYDA. The bank’s work has been severely affected by civil war, currency depreciation, sanctions, restrictions on correspondent banking and the wider contraction of Syria’s economy. The headquarters was attacked during the civil war in 2012, 2013 and again in October 2013. The institution has also been a target of international financial restrictions. The United States designated it under Section 311 of the USA PATRIOT Act in 2004 over money-laundering concerns and later imposed additional sanctions connected with the Assad government and the Syrian civil war. The European Union, Canada, Turkey and other actors also adopted measures affecting Syria’s financial system. These restrictions limited the bank’s access to international finance and encouraged reliance on intermediaries and neighboring-country banks for some foreign transactions. Following the fall of the Assad regime, reports described looting at the central bank building while stating that its main vault remained intact. The United Kingdom and European Union subsequently lifted sanctions on the institution, while Canada eased its measures. In 2025, Syria re-established international banking connectivity through SWIFT, including a reported first international transaction since the beginning of the civil war and a later message to the Federal Reserve Bank of New York. These developments represented an effort to reconnect Syria’s banking system with global financial infrastructure, although the bank continued to operate in a highly uncertain political and economic environment.

Before the Central Bank of Syria was created, Syria’s banking system was strongly shaped by foreign institutions established during the mandate and early independence periods. The French-owned Banque de Syrie et du Liban combined commercial banking with central-bank-like responsibilities, including currency issuance. Syria joined the International Monetary Fund in 1947 and maintained a fixed exchange-rate arrangement at that time. Syria passed legislation establishing its own central bank in 1953. The institution began operating in 1956 with responsibility for issuing banknotes, regulating the money supply, acting as the government’s fiscal agent and supervising credit and commercial banks. The founding framework also gave it a developmental role until specialized financial institutions could be established. Although the bank had broad discretionary powers, its policy activities were subject to the Council on Money and Credit, a body composed of senior government officials. The Suez crisis in 1956 led to the seizure of French and British banking assets in Syria. After Syria’s union with Egypt in 1958, the state pursued the Arabization of commercial banking, followed in 1961 by limited nationalization. In 1966, the government nationalized all commercial banks and consolidated them into the Commercial Bank of Syria. Specialized public banks were created to support economic-development priorities. The Central Bank therefore became the monetary and supervisory center of a largely state-owned financial system. Over subsequent decades, the bank continued to issue the Syrian pound, manage monetary conditions, supervise banks and intervene in the foreign-exchange market. It sets a daily intervention price for the Syrian pound and has been described as maintaining 11 branches in provincial capitals in addition to its Damascus headquarters. The bank’s SWIFT code is CBSYSYDA. The Syrian civil war placed the institution under substantial physical, economic and political pressure. The Damascus headquarters was attacked three times in 2012 and 2013: a rocket-propelled grenade was fired at it in April 2012, a nearby car bombing affected it in April 2013 and mortar shells struck it in October 2013. The conflict also damaged the broader economy, reduced foreign investment and increased the importance of capital controls, currency management and state-directed finance. International sanctions further constrained the bank. The United States imposed measures under Section 311 of the USA PATRIOT Act in 2004, alleging money-laundering concerns. During the civil war, the United States, European Union, Canada, Turkey and other actors adopted additional sanctions against Syria and its financial institutions. The restrictions limited access to correspondent banking and international payments. Syrian authorities sought alternative channels, including relationships with institutions in neighboring countries and contacts with potentially sympathetic foreign financial organizations. Reports in 2012 claimed that Syria’s gold reserves had fallen substantially from their pre-war level as the government used reserves to manage the effects of sanctions and fiscal pressure. Then-governor Adib Mayalah disputed those reports. The bank also became more involved in the domestic private sector as the war and sanctions discouraged foreign investment. Following the fall of the Assad regime, reports said that the Central Bank building was looted but that its main vault remained untouched. The United Kingdom and European Union later lifted sanctions against the bank, while Canada eased its restrictions. Leadership also changed: Maysaa Sabreen became the first woman to serve as governor in December 2024, resigned in March 2025 and was replaced by Abdulkader Husrieh. In June 2025, Syria reportedly completed its first international bank transaction through SWIFT since the start of the civil war. A later report stated that the Central Bank sent its first SWIFT message to the Federal Reserve Bank of New York. These steps marked an attempted reintegration into international banking networks, though the institution’s long-term role remains dependent on Syria’s political settlement, sanctions environment and economic recovery.

• 2025

  Leadership changes and renewed SWIFT connectivity

  [1]Central Bank of Syriaen.wikipedia.org

  Maysaa Sabreen resigned, Abdulkader Husrieh became governor and Syria reportedly resumed international SWIFT banking activity.

• 2024

  First female governor appointed

  [1]Central Bank of Syriaen.wikipedia.org

  Maysaa Sabreen was appointed governor on 30 December.

• 2020

  OFAC sanctions imposed

  [1]Central Bank of Syriaen.wikipedia.org

  The U.S. Treasury sanctioned the bank and other Syrian entities and individuals in connection with the civil war.

• 2012

  Headquarters attacked during the civil war

  [1]Central Bank of Syriaen.wikipedia.org

  A rocket-propelled grenade was fired at the Central Bank building in Damascus.

• 2004

  U.S. Section 311 designation

  [1]Central Bank of Syriaen.wikipedia.org

  The United States imposed financial restrictions on the bank under Section 311 of the USA PATRIOT Act.

• 1966

  Commercial banking nationalized

  [1]Central Bank of Syriaen.wikipedia.org

  The state nationalized commercial banks and consolidated them into the Commercial Bank of Syria, reinforcing the Central Bank’s role within a public banking system.

• 1956

  Operations begin

  [1]Central Bank of Syriaen.wikipedia.org

  The Central Bank began operating with authority over currency issuance, money supply, credit, commercial banks and government financial agency functions.

• 1953

  Central Bank established by law

  [1]Central Bank of Syriaen.wikipedia.org

  Legislation was passed to create Syria’s national central bank.

• 1947

  Syria joins the International Monetary Fund

  [1]Central Bank of Syriaen.wikipedia.org

  Syria joined the IMF on 10 April 1947 and operated under a fixed exchange-rate arrangement in the post-independence period.

Syria’s sovereign monetary and banking-regulatory authority

• National currency

  Syrian pound

  The Central Bank issues Syria’s national currency, the Syrian pound, and manages monetary and foreign-exchange policies affecting its circulation and value. The bank also sets a daily intervention price for the pound in the foreign-currency market.

• Monetary-market service

  Foreign-exchange intervention

  The bank manages official foreign-exchange intervention and publishes or sets a daily intervention price for the Syrian pound. This function has become particularly important during sanctions, currency depreciation and shortages of foreign currency.

• Financial regulation

  Banking supervision

  The Central Bank exercises regulatory and supervisory control over banks operating in Syria. Its responsibilities include maintaining the integrity of the banking system and supporting the stability of domestic financial and payment arrangements.

• Financial infrastructure

  Payment-system and settlement services

  The bank supports national payment and settlement infrastructure and maintains a SWIFT identifier. Reported reconnection to SWIFT in 2025 reflected efforts to restore international payment capabilities after years of conflict and sanctions.

• 2020

  Expanded sanctions related to the Syrian civil war

  The U.S. Treasury’s OFAC sanctioned the Central Bank along with other Syrian entities and individuals, citing its role under the Assad government during the civil war.

  Source

• 2004

  U.S. money-laundering designation

  The United States designated the Central Bank under Section 311 of the USA PATRIOT Act, alleging money-laundering concerns and restricting its access to the global financial system.

  Source

Read more

• 2025

  Restore international banking connectivityStrategy

  Background

  Years of civil war and sanctions had sharply restricted Syria’s access to international correspondent banking and payment networks.

  Action taken

  Syria reportedly completed an international transaction through SWIFT and later sent a SWIFT message to the Federal Reserve Bank of New York.

  Aftermath

  The reported transactions represented an initial step toward reconnecting Syria’s banking system with global financial infrastructure.

  Source

• 1966

  Operate within a nationalized commercial-banking systemStrategy

  Background

  The Syrian state decided to nationalize commercial banking and consolidate the sector into the Commercial Bank of Syria.

  Action taken

  The Central Bank continued as the monetary and supervisory authority while specialized public banks supported economic-development objectives.

  Aftermath

  Syria’s banking system became predominantly state-owned for an extended period.

  Source

1. 1Central Bank of Syriaen.wikipedia.org