Syria’s economy is growing significantly faster than the World Bank’s 1% forecast for 2025 as refugees return following the end of the 14-year civil war, fueling plans for the relaunch of its currency and efforts to build a new Middle East financial hub, its central bank chief said on Thursday.
Central Bank of Syria Governor Abdulkader Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund (IMF) to develop methods to accurately measure economic data to reflect the resurgence.
Husrieh was speaking via video link at the Reuters NEXT conference in New York.
The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the ouster of longtime dictator Bashar Assad about a year ago, described the repeal of many U.S. sanctions against Syria as “a miracle.”
Since Assad’s fall, the interim government has moved to restore international ties. Those efforts culminated in a May meeting in Riyadh between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by the former’s visit last month to the White House.
Washington has since eased significant parts of its sanctions program. European governments have announced the end of their own economic sanctions on Syria.
The U.S. Treasury on Nov. 10 announced another 180-day expansion of enforcement of the so-called Caesar sanctions against Syria, but lifting them entirely requires approval by the U.S. Congress.
Abdulkader Husrieh, governor of the Central Bank of Syria, speaks via video link during the Reuters NEXT conference in New York City, U.S., Dec. 4, 2025. (Reuters Photo)
Husrieh said that based on discussions with U.S. lawmakers, he expects this to be repealed by the end of 2025, ending “the last episode of the sanctions.”
“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he added.
Growth prospects
The World Bank in July estimated that Syria’s gross domestic product (GDP) would grow by a modest 1% in 2025 after contracting 1.5% in 2024, amid security challenges, liquidity constraints and suspensions of foreign assistance.
“I don’t think that reflected the reality of the Syrian economy, because we have, like, 1.5 million refugees coming back. Just calculate what’s at the minimum, what such return of refugees could add to GDP,” Husrieh said.
He acknowledged that Syria lacks reliable economic data, but said inflation was down, and the strengthening of the Syrian pound’s exchange rate was a proxy for the economy’s performance.
New currency, eight denominations
He said that Syria is preparing to launch a new currency in eight-note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound, which was quoted at 11,057 to the U.S. dollar on LSEG Workspace on Thursday.
He said that Syria would end seven decades of central bank financing of its government budget deficits, and restore confidence in public finances and central bank management.
“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. He also welcomed a new agreement with Visa announced on Thursday to develop a digital payments ecosystem that will prompt the company’s return to Syria.
“We are glad that we are working with Visa and Mastercard,” Husrieh said, adding that country officials were having further meetings with Visa on Thursday regarding the partnership.
“We are working to have a fully finished payment system in which we have global partners because… our vision is to have Syria as hub – a financial hub – for the Levant.”
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