Syria has taken a notable step toward reconnecting with the global financial system by completing its first electronic bank transfer with a Western institution in 14 years. The transaction, conducted earlier this week with a European bank, signals early progress in efforts to rebuild Syria’s economy following years of isolation. “This step reflects gradual progress in reintegrating Syria’s financial system into global channels,” said Abdulkader Husrieh, governor of Syria’s Central Bank, in a statement confirming the transfer. The reactivation of the SWIFT system, which facilitates international electronic transfers, marks a symbolic milestone in Syria’s journey to re-engage with the global economy after over a decade of sanctions. These sanctions were imposed on Syrian banks in 2011 following the Assad regime’s crackdown on pro-democracy protests, which led to a prolonged civil war. “This transaction symbolizes the beginning of a new chapter for Syria,” noted Jassem Ajaka, a Lebanese economic expert. “It represents the end of sanctions and Syria’s return to the international community.”
— new from The New York Times
