RIYADH: Syria will adopt a unified exchange rate before transitioning to a managed float system as it seeks to stabilize a currency that has lost nearly all its value against the US dollar.
In an interview with the Financial Times, Central Bank of Syria’s Governor Abdulkader Husrieh confirmed the reforms, emphasizing efforts to eliminate the role of unauthorized money changers in the country’s foreign exchange market as part of broader financial reconstruction.
Syria is also set to be fully reintegrated into the SWIFT international money transfer system within weeks, reconnecting the country to global finance after 14 years of war and sanctions.
The country is working to revive its economy after years of conflict, with its transitional government, led by President Ahmed Al-Sharaa, implementing reforms such as privatizing state-owned firms, easing import restrictions, and attracting foreign investment.
An armed member of Syria’s security forces stands guard outside the Damascus Securities Exchange as the stock market opens in the Ya’fur area near Damascus. AFP
