Syria to Rejoin Swift Network Within a Few Weeks
In a significant development, Syria has been reconnected to the SWIFT international payment system in June 2025, marking its first access to global financial messaging networks since 2012. This reconnection, accompanied by the lifting of sanctions, particularly the US Executive Order 14312, paves the way for normalization of cross-border banking transactions, letters of credit, and digital payments.
The implications for Syria’s economy are far-reaching. Reconnection to SWIFT is expected to facilitate large-scale financial flows and trade normalization, enabling Syria to reintegrate into global markets. This reconnection unlocks frozen foreign assets and reserves held abroad, strengthening Syria's monetary stability and allowing the government to finance reconstruction and infrastructure projects.
The Syrian Central Bank is now able to gradually mobilize foreign currency reserves and pursue monetary reforms like adopting a managed float exchange rate policy, without the need for IMF or World Bank borrowing. The return of SWIFT is also expected to stimulate foreign direct investment, as evidenced by Saudi Arabia’s planned $4 billion in deals and investment forum in Damascus, signaling regional economic engagement and support for Syria’s reconstruction.
However, Syria’s banks will need to establish correspondent banking relationships abroad, a process that will involve extensive due diligence given Syria’s continued presence on EU “high-risk” and FATF grey lists. To prevent corruption and ensure transparency, strong anti-money laundering compliance will be necessary.
The European Union has announced the removal of all economic sanctions imposed on Syria at the end of May, while Saudi Arabia, Qatar, and the UAE have expressed readiness to pay government employees' salaries for at least three months. These developments, along with negotiations with the International Monetary Fund, World Bank, and regional states regarding reconstruction and financial aid, indicate a promising outlook for Syria’s economic recovery.
The road to economic recovery is not without challenges, but with robust, transparent financial institutions and regulatory compliance to meet international standards, Syria stands a chance to attract trusted correspondent banks and unlock new economic opportunities, foreign investments, and rebuilding efforts after years of war and sanctions-driven isolation.
The reconnection to SWIFT signalizes an opportunity for Syria's economy to flourish, with the possibility of large-scale financial flows and trade normalization at hand. This development is expected to unlock frozen foreign assets and reserves, empowering the government to finance reconstruction and infrastructure projects, as demonstrated by planned foreign direct investment from Saudi Arabia.
Simultaneously, Syria's banks must establish correspondent banking relationships abroad, employing rigorous due diligence to ensure compliance with regulations, particularly regarding anti-money laundering practices, to attract trusted banks and investors.
