Central Bank of Syria publishes IMF mission report highlighting disinflation and a roadmap for central bank independence and bank soundness checks

The Central Bank of Syria published the International Monetary Fund (IMF) mission report following its visit to Syria, which points to an accelerating economic recovery supported by improved consumer and investor confidence, the lifting of international sanctions, and Syria’s gradual reintegration into the regional and global economy. The report also credits the Central Bank of Syria’s tight monetary stance, despite significant constraints, with slowing inflation and supporting currency conditions. Key outcomes cited include a marked deceleration in inflation, inflation reaching low double digits by end-2025, an improved exchange rate relative to 2024, and a successful introduction of the new currency. Looking ahead, the report’s priorities include strengthening the central bank to safeguard price and financial stability, enhancing its independence, establishing a modern monetary policy framework, conducting a comprehensive assessment of banks’ soundness, and restructuring and rehabilitating the banking system to restore public confidence and strengthen intermediation and domestic and cross-border payments. Governor Abdelkader Husseyria highlighted cooperation with the IMF on financial-sector reforms aligned with the Central Bank of Syria’s 2025–2030 strategy, including capacity-building on new financial-sector legislation and regulation, rehabilitation of the payments and banking systems, stronger banking supervision, support for developing and implementing a modern monetary policy framework, and improved economic and financial statistics to enable policymaking and the resumption of Article IV consultations.