A report from the International Monetary Fund mission was issued following the conclusion of its visit to Syria; confirming that the Syrian economy continues to show signs of real recovery, with a clear acceleration in the pace of economic activity, driven by improved consumer and investor confidence, the lifting of international sanctions imposed on Syria, and the gradual reintegration of the country into the regional and global economies.
The report noted that the Central Bank of Syria maintained a strict monetary stance despite significant constraints, which contributed to achieving tangible results on the economic front, the most notable of which are:
• Notable slowdown in inflation.
• Achieving low double-digit inflation by the end of 2025.
• Improvement of the exchange rate compared to the year 2024.
• Successful introduction of the new currency.
The next phase
The report indicated that the upcoming phase will focus on:
• Empowering the Central Bank to ensure price stability and financial stability.
• Enhancing the independence of the bank.
• Establishing a modern framework for monetary policy.
• Comprehensive assessment of the safety of bank conditions.
• Restructuring and rehabilitating the banking system to restore public trust and enhance its role in financial intermediation and facilitating payments domestically and internationally.
Financial reform programs
The Governor of the Central Bank of Syria, Dr. "Abdul Qadir Al-Hosri," emphasized the importance of working with the International Monetary Fund on financial sector reforms and supporting the Central Bank of Syria's strategy for 2025–2030, through capacity-building programs focused on:
• New legislations and regulations for the financial sector.
• Rehabilitation of the payment system and the banking system.
• Strengthening banking supervision.
• Supporting the preparation and implementation of a modern framework for monetary policy.
• Developing economic and financial statistics to enable policy-making and resume Article IV consultations.
Report message:
The Governor of the Central Bank of Syria commented on the report by saying:
"Syria enters a new phase of organized economic recovery, based on monetary stability, financial reform, building institutions, and gradual openness to regional and global economies."