Damascus: Governor of the Central Bank of Syria Dr. Abdul Qader Al Hasriya affirmed that the bank is continuing its efforts to enhance monetary stability, rebuild the institutional and regulatory structure of the banking sector, develop national payment systems, and attract investment and enhance confidence in the Syrian economy.
In an interview with QNA, Dr. Al Hasriya praised Qatar’s continued support for Syria, stressing that this support contributes significantly to the development of the Syrian banking sector, both through partner Qatari banks and their pioneering expertise in oversight and digital transformation.
Dr. Al Hasriya explained that the areas of cooperation between the Central Bank of Syria and Qatar Central Bank are broad and promising.
They represent an inspiring model for enhancing financial stability and national economic renaissance. It also enables the exchange of technical and professional expertise, which will positively impact comprehensive reconstruction efforts across various sectors.
The Governor of the Central Bank of Syria said that Qatar has been and continues to be a key partner and an effective supporter of the Syrian people and the national economy.
He pointed out that Qatari support extended from contributing to the banking sector through the establishment of the first Islamic bank in Syria and a conventional bank, which prompted the formulation of pioneering banking legislation and the provision of financial and technical support, which contributed to the stability of the monetary sector during the current phase.
He explained that the State of Qatar, along with the Kingdom of Saudi Arabia, recently contributed approximately $15m to the settlement of Syria’s debts owed to the World Bank Group, describing this step as having symbolic and political significance that goes beyond its financial value.
Qatar’s experience in banking, whether in the areas of oversight, payment systems, or digital transformation, represents a model to be emulated in the region and the world, he explained, emphasising the Central Bank of Syria’s aspiration to benefit from this experience, particularly at this stage, which focuses on achieving monetary stability and building an integrated monetary policy framework.
Dr. Al Hasriya explained that the bank’s current policy is based on achieving monetary stability, building an institutional framework and tools for monetary policy, restructuring the banking sector, and licensing new banks to meet the needs of the Syrian economy.
He explained that the Syrian pound’s exchange rate has improved by approximately 35%. He emphasized that work is underway to develop national payment systems fully owned by the bank in preparation for opening up to the private sector and expanding the scope of innovative financial services.
Dr. Al Hasriya stressed that the new economic policy avoids resorting to commercial loans or borrowing from global financial markets, preferring to focus on attracting foreign investment and providing financing from development funds to avoid debt crises that would cripple the national economy.
He also affirmed that the Syrian pound will not be pegged to any foreign currency to maintain monetary independence.
