Syria Rejects Foreign Debt, Eyes Economic Revival

(MENAFN) Abdul Qader Husariya, the head of the Central Bank of Syria, announced on Friday that the nation has no plans to seek financial assistance from outside 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 in a declaration published by a Syrian news agency.

Husariya highlighted that the value of the Syrian pound has appreciated by 30 percent since the end of Bashar Al-Assad’s administration in late 2024.

He clarified that there are no plans to tie the Syrian currency to either the US dollar or the euro.

Instead, the government “seeks to build a healthy economy based on production and exports, without relying on high interest rates or risky investment incentives.”

He emphasized 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.”

On June 30, US President Donald Trump signed an executive order lifting sanctions on Syria in response to the previous regime's suppression of 2011 demonstrators.

This move came after similar decisions by European nations to scale back their own sanctions, significantly enhancing the economic prospects of the Arab state.

As part of reforming Syria’s financial framework, Husariya mentioned that “a deposit insurance institution will be established in Syrian banks.”

He also projected that discrepancies in the Syrian pound’s exchange rate will be resolved within months, leading to a unified rate.

Additionally, real estate financing will be made available to Syrians living abroad.

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