The Central Bank of Syria announced that it has completed procedures to settle its banking relationship with the Federal Reserve Bank of New York and has reopened its account there, framing the move as progress in reorganising Syria’s external financial relationships and supporting reintegration into the global financial system. The central bank said the outcome followed months of coordination with the US Treasury and the Federal Reserve, including meetings and technical workshops involving specialised teams, including a team linked to Ambassador Tom Barrack in his capacity as US Ambassador to Turkey and Special Envoy to Syria and Lebanon. It said the renewed account will strengthen the bank’s ability to manage foreign reserves and use formal channels for transfers and international payment settlement, and noted parallel work to enhance compliance, strengthen anti-money laundering and counter-terrorist financing arrangements, and update financial crime-related regulatory frameworks in line with international standards and best practices.
Central Bank of Syria 2026-03-02
Central Bank of Syria settles its banking relationship with the Federal Reserve Bank of New York and reopens its account
The Central Bank of Syria has reopened its account with the Federal Reserve Bank of New York, marking progress in reorganizing Syria’s external financial relationships. This development follows coordination with the US Treasury and Federal Reserve, aiming to enhance foreign reserve management and compliance with international standards. The bank is also working to strengthen anti-money laundering and counter-terrorist financing measures.