Syria isn't going to borrow from the International Monetary Fund or World Bank

2025-07-05 04:53:31

(MENAFN) The head of Syria’s central bank, Abdul Qader Husariya, has announced that the country has no plans to take on debt from external sources.

“Syria, by order of President Ahmad al-Sharaa, will not resort to external debt, nor will there be any borrowing from the International Monetary Fund or the World Bank,” he stated, according to reports.

Husariya highlighted that the Syrian pound has seen a 30% rise in value since the collapse of Bashar Al-Assad’s government in late 2024. He also emphasized that there is no strategy to link the national currency to either the US dollar or the euro. Instead, the administration is focusing on building a resilient economy rooted in domestic production and exports, avoiding dependence on high-interest policies or speculative investment programs.

He described the current investment conditions as favorable, noting that “the investment environment is now qualified to provide stable returns for investors after the Syrian economy entered, for the first time in seven decades, a phase of full recovery of activity in all its sectors.”

This economic upswing comes in the wake of major policy changes from the West. On June 30, US President Donald Trump signed an executive order lifting sanctions previously imposed on Syria due to the Assad regime’s response to the 2011 uprisings. Similar decisions from European countries to relax restrictions have further propelled Syria’s economic rebound.

As part of broader financial reforms, Husariya revealed that a deposit insurance system will soon be implemented within Syrian banks. He also indicated that currency fluctuations are expected to subside in the coming months, as the country moves toward a unified exchange rate. Additionally, plans are underway to offer real estate loans to Syrians living abroad.

“Syria has embarked on a new phase of monetary and banking openness, parallel to the beginning of the end of the decades-long isolation of the banking sector,” he added.

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