The Governor of the country’s new Central Bank said that Syria would completely join for the Swift International Payment System “weeks”, the country’s new Central Bank Governor said, after 14 years of wars and restrictions, relying in the global economy to the country, which gave it a Paria kingdom.

Swift’s return is the first major milestone in the liberal overhaul of the Syrian economy of the new government – and an indication is that the new officials are moving fast to woo international trade and investment after the US sanctions were lifted last month.

In an interview in Damascus, the head of the Central Bank Abdulkadar Hussrih expanded a road map for the reorganization of the country’s financial system and monetary policy to rebuild the disinterested economy. He expects to bring back foreign investment, remove barriers in business, normalize currency and improve banking sector.

We aim to increase the brand of the country as a financial center, which is important, given the reconstruction and direct foreign investment in the infrastructure – it is important, “Hus explained the Financial Times. “While significant progress has been made, there is still a lot of work.”

Syria has been cut off from global markets since 2011, when the then President Bashar al-Assad violently suppressed a popular rebellion, leading to a full-scale civil war. When Assad was uprooted Ahmed al-Shra And last December, his rebel alliance, the economy was in freefolk and the state’s coffers were drought.

Many experts questioned whether an armed group could overcome it with a low experience running a state. But within weeks of confiscation of power, new leaders mentioned Estimated free market reforms and inclusion and transparency in Assad’s tightly controlled economy, who were initially careful of trading with Islamist rebels who helped foreign investors of the court.

The interim president Shara has created at the speed that gets wide support for the government with global powers to secure the stability of the country – despite episodic violence that has killed the infection. He received a major boost last month when US President Donald Trump Unpredictable lifted restrictions,

While it was a welcome step, “A complete policy change is still necessary”, Husrih said, who started his new job in April. “So far, we have only seen to issue licenses and remove selective restrictions. The implementation must be widespread, not ad hoc.”

Hasrih, a technocrat and a long -standing advisor, who helped write several finance laws of Syria under Assad, working with the Ministry of Finance on “Six to 12 months stabilization scheme”. This includes improving banking laws and central banks and overhala of social security and housing financing, with other initiatives to encourage Syrians in the country to invest in the country.

The banking sector is important for reconstruction, collapsed roughly due to the war, punishing the 2019 financial crisis and the policies of the Assad-era in the neighboring Lebanon. Hussrih Asad wants to eliminate the interventionist heritage of the regime, and restore borrowings, transparency and trust.

“The Central Bank first made the financial system to micromean, more regulated lending, and restricted deposits,” he said. “We want to improve the region by reconstructing the region through recapitalization, deragulation and re -establishing our role as financial intermediaries between homes and businesses.”

He said that the return of Swift would help encourage foreign trade, cut import costs and facilitate exports. It will also bring a lot of necessary foreign currency in the country, strengthen anti-laundering efforts and reduce dependence on informal financial networks for cross-border trade.

“The plan is for all foreign trade that can now be rooted through the formal banking sector,” said Hussrih, erasing the role of money chances, which would charge a 40 -cent of each dollar in Syria. He said that Swift codes have been handed over to banks and central banks, and “the remaining step is to resume processing transfer for correspondent banks”.

He said that foreign investment will also be reduced to zero with guarantee. While the public banking sector is already fully supported by the government, Hussrih wants to establish a state institute to guarantee the deposit of private banks.

Before Assad exiting, the Syrian pound lost about 90 percent of its value against the dollar. It has been strong since then, but is still unstable, the difference between official and black market rates remains. Hussrih said that he aims to unite the rates and was “infection towards a managed float” of the pound.

Most of the country’s part in the cost of ruin and reconstruction is the biggest challenge of Shara, twisting around the economy, in hundreds of billions of dollars. Syria has started talking with the IMF, which has sent a delegation to Syria and World Bank last week, and seeking help from regional countries.

Saudi Arabia and Qatar last month approved the World Bank $ 15.5MN outstanding loans, and committed to pay at least three months public sector salary. Syria has also signed initial agreements with UAE, Saudi and Katri companies for major infrastructure and power projects.

The leaders of the country have decided not to take the loan, Husri said. But the banks and the finance ministry are finding out if Syria can first release Sukuk, which is equal to a bond for an Islamic financial certificate, but in line with religious law that stops interest.

It has also accepted grants from the World Bank for the power sector of the country for rehabilitation of its schools and hospitals and $ 80MN from Sweden.