:Central Bank of Syria

{{Infobox Central bank

| bank_name_in_local = {{lang|ar|مصرف سورية المركزي}}

| logo = Central Bank of Syria.svg

| image = Central Bank of Syria.jpg

| caption = Central Bank of Syria on the Sabaa Bahrat Square in Damascus

| ownership = 100% state ownership{{cite web |author=Jan Weidner |url=https://d-nb.info/1138787981/34 |title=The Organisation and Structure of central Banks |publisher=Technische Universität Darmstadt |page=265 |date=2017}}

| headquarters = Damascus, Syria

| leader_title = Governor

| president = Abdulkader Husrieh

| bank_of = {{flag|Syria|revolution}}

| currency = Syrian pound

| currency_iso = SYP

| established = {{start date and age|1953|03|28|df=y}} {{small|(legal)}}
{{start date and age|1956|08|01|df=y}} {{small|(began operations)}}

| borrowing_rate = 0%

| deposit_rate = 6.00%

| website = {{website|https://www.cb.gov.sy/}}

| predecessor = Bank of Syria and Lebanon (until 1953)

| footnotes =

}}

The Central Bank of Syria ({{langx|ar|مصرف سورية المركزي|translit=Maṣrif Sūriya al-Markazī}}; CBS) is the central bank of Syria. The bank was established in 1953 and started operations in 1956. Its headquarters are in Damascus, with 11 branches in the provincial capitals.{{cite web |title=CBS's Branches in Syria |url=http://www.banquecentrale.gov.sy/branches/cbos-branches-eg.htm |website=Central Bank of Syria |archive-url=https://web.archive.org/web/20061004022323/http://www.banquecentrale.gov.sy/branches/cbos-branches-eg.htm |archive-date=4 October 2006 |access-date=11 October 2013 |url-status=dead}} The objective of the bank is "to foster the stability, integrity and efficiency of the nation’s financial and payment systems so as to promote optimal macro economic performance".{{cite web |title=Governor Message |url=http://www.banquecentrale.gov.sy/main-eg.htm|access-date=11 October 2013 |website=Central Bank of Syria |archive-url=https://web.archive.org/web/20130925211813/http://www.banquecentrale.gov.sy/main-eg.htm |archive-date=25 September 2013 |url-status=dead}}

The CBS issues Syria's currency, the Syrian pound (LS), and sets the intervention price in the foreign currency market for the Syrian pound on a daily basis. The CBS exercises control over all banks operating in Syria.

History

At independence, French- and British-owned banks dominated banking activity in Syria. The largest bank, the French-owned Banque de Syrie et du Liban (Bank of Syria and Lebanon), assumed central bank functions and became the bank of currency issue, in addition to its commercial operations. Syria joined the International Monetary Fund (IMF) on April 10, 1947{{Cite web |title=List of Members' Date of Entry |url=https://www.imf.org/external/np/sec/memdir/memdate.htm |access-date=26 July 2021 |website=International Monetary Fund}} and fixed the exchange rate at £S 2.19 to US$1.{{Cite web |date=1952 |title=Third International Report - Exchange Restrictions |url=https://www.elibrary.imf.org/downloadpdf/books/012/23696-9781475548549-en/23696-9781475548549-en-book.xml |website=International Monetary Fund}}

The law to establish the Central Bank of Syria was passed in 1953, but the bank did not operate until 1956. Its functions included issuing notes, controlling the money supply, acting as fiscal agent for the government, and controlling credit and commercial banks. It was also to act as the country's development bank until specialized banks were established for various sectors. The Central Bank had considerable discretionary powers over the banking system but was itself responsible to and under the control of the Council on Money and Credit, a policy group of high-ranking officials.

After the 1956 Suez War, French and British banking interests were seized as enemy assets. In 1958, and after the union with Egypt, the state began to Arabize the commercial banking system and in 1961 implemented a policy of limited nationalization.

In 1966, the state nationalised all commercial banking, merging all existing commercial banks into a single consolidated Commercial Bank of Syria. The government also created specialized banks to promote economic development.[http://countrystudies.us/syria/46.htm Banking and Monetary Policy]

On December 30, 2024, Maysaa Sabreen was appointed as the first female Governor of the Central Bank. [https://www.reuters.com/world/middle-east/syrias-new-rulers-appoint-maysaa-sabrine-lead-central-bank-official-says-2024-12-30/ Syria appoints Maysaa Sabrine as first woman to lead central bank, official says] Reuters. Timour Azhari. December 30, 2024. She resigned on March 27, 2025, and was succeeded by Abdulkader Husrieh.{{Cite web |date=27 March 2025 |title=

Syrian Central Bank governor submits resignation |url=https://www.lbcgroup.tv/news/middleeastnews/845810/syrian-central-bank-governor-submits-resignation/en |access-date=27 March 2025 |website=LBCI}}{{cite news |title=تعيين عبد القادر حصرية حاكما لمصرف سوريا المركزي خلفاً لميساء صابرين.. من هو وماهي مسيرته المهنية؟ |trans-title=Appointment of Abdulkader Husrieh as Governor of the Central Bank of Syria, succeeding Maysaa Sabreen.. Who is he and what is his professional career? |url=https://www.osoulfx.com/articles/abdulkader-husrieh-central-bank-of-syria?amp=1 |website=Osoul FX |date=27 March 2025 |access-date=27 March 2025 |lang=ar}}

International sanctions

The United States has imposed sanctions against the then Ba'athist-controlled Central Bank of Syria since May 2004, under Section 311 of the USA PATRIOT Act, with the Bank being accused of money laundering. The sanctions shut the Ba'athist regime out of the global financial system. To circumvent the sanctions, Syrians effect foreign transactions through banks in neighbouring countries, especially Lebanon,{{cite web |url=https://www.reuters.com/article/us-syria-economy-lebanon/lebanon-crisis-wreaks-havoc-on-syrias-war-torn-economy-idUSKBN1Y31I7 |title=Lebanon crisis wreaks havoc on Syria's war-torn economy |website=Reuters |date=29 November 2019}} but making them vulnerable to economic disruptions in those countries.

Due to the Ba'athist regime's role in the Syrian civil war, the U.S.,{{cite web |url=https://obamawhitehouse.archives.gov/the-press-office/2011/04/29/executive-order-13572-blocking-property-certain-persons-respect-human-ri |website=whitehouse.gov |title=US trade and financial sanctions against Syria |date=29 April 2011 |via=National Archives |access-date=24 August 2012}} Canada, EU, Arab League and Turkey have all imposed sanctions on Syria, including the Syrian Central Bank.{{cite news |url=https://www.reuters.com/article/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 |website=Reuters |first=David |last=Cutler |title=Factbox: Sanctions imposed on Syria |date=28 November 2011 |access-date=30 June 2017 |archive-date=24 September 2015 |archive-url=https://web.archive.org/web/20150924160722/http://www.reuters.com/article/2011/11/28/us-syria-arabs-sanctions-idUSTRE7AR1A020111128 |url-status=live}}{{cite news |url=https://www.foxnews.com/world/turkey-slaps-economic-sanctions-on-syria/ |website=Fox News |title=Turkey Slaps Economic Sanctions on Syria |date=30 November 2011}}{{cite web |url=http://www.defenddemocracy.org/canadian-sanctions/ |title=Canadian Sanctions | Foundation for Defense of Democracies |website=Defenddemocracy.org |access-date=4 February 2013 |archive-url=https://web.archive.org/web/20180806163208/http://www.defenddemocracy.org/canadian-sanctions/ |archive-date=6 August 2018 |url-status=dead}} The Syrian Central Bank has been actively trying to undermine these various sanctions, with bank officials meeting friendly institutions such as Gazprombank executives in Moscow in March 2012.{{cite web |url=https://www.wsj.com/articles/SB10000872396390444130304577560810962055348 |title=Syria's Russian Connection |website=Wall Street Journal |date=14 August 2012 |access-date=25 August 2012}} The Bank has taken an increasingly clandestine role in the domestic private sector as the country's failing economy has deterred foreign investment.{{cite web |url=http://www.ft.com/cms/s/0/a2cfb758-eea2-11e0-9a9a-00144feab49a.html#axzz24klfkSfR |title=Syria backs down over import ban |website=Financial Times |date=4 November 2011 |access-date=25 August 2012}}

On 23 December 2020, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Central Bank of Syria along with nine other entities and seven individuals, due to their role during the Syrian Civil War.{{Cite web |date=8 February 2025 |title=Treasury Targets Syrian Regime Officials and the Central Bank of Syria |url=https://home.treasury.gov/news/press-releases/sm1220 |url-status=live |access-date=22 March 2025 |website=U.S. Department of the Treasury}}

After the fall of the Assad Regime, the UK and the EU lifted its sanctions against the Central Bank.{{Cite web |date=6 March 2025 |title=Update on Syria: Lifting asset freezes on 24 entities |url=https://www.gov.uk/government/news/update-on-syria-lifting-asset-freezes-on-24-entities |access-date=22 March 2025 |website=gov.uk}}{{Cite web |date=24 February 2025 |title=Syria: EU suspends restrictive measures on key economic sectors |url=https://www.consilium.europa.eu/en/press/press-releases/2025/02/24/syria-eu-suspends-restrictive-measures-on-key-economic-sectors/ |url-status=live |access-date=22 March 2025 |website=the Council of the EU}} Canada eased its sanctions as well. {{Cite web |date=13 March 2025 |title=Statement from Minister Joly and Minister Hussen on the situation in Syria |url=https://www.canada.ca/en/global-affairs/news/2025/03/statement-from-minister-joly-and-minister-hussen-on-the-situation-in-syria.html |url-status=live |access-date=22 March 2025 |website=Global Affairs Canada}}

Gold reserves

In April 2012, Reuters reported that since the outbreak of the Syrian Civil War in 2011, Syria's gold reserves have been cut in half from the pre-civil war level of about $17 billion, with the Syrian government using the reserves to cope with international sanctions.{{cite web |url= https://www.reuters.com/article/us-syria-gold-idUSBRE83H0RZ20120418 |title=Syria selling gold reserves as sanctions bite: sources |website=Reuters |date=18 April 2012 |access-date=25 August 2012 |archive-date=27 July 2012 |archive-url= https://web.archive.org/web/20120727134039/http://www.reuters.com/article/2012/04/18/us-syria-gold-idUSBRE83H0RZ20120418 |url-status= live}} The Governor of the Central Bank Adib Mayalah has sought to deny these reports.{{cite web |url=http://news.xinhuanet.com/english/world/2012-04/20/c_131538987.htm |archive-url=https://web.archive.org/web/20120429191444/http://news.xinhuanet.com/english/world/2012-04/20/c_131538987.htm |archive-date=29 April 2012 |title= Skepticism overshadows Syria's gold reserves |website=Xinhua |date=20 April 2012 |access-date=25 August 2012 |url-status=dead}} This is similar to how the Syrian government is using its foreign reserves to meet the demands of a budget deficit which has greatly increased to about US$6.7 billion.{{cite web |url=https://www.reuters.com/article/us-syria-economy-socialist-idUSBRE8630FA20120704 |title=Syria reverts to socialist economic policies to ease tension |publisher=Reuters |date=2012-07-04 |access-date=27 October 2013 |archive-date=20 October 2012 |archive-url=https://web.archive.org/web/20121020124949/http://www.reuters.com/article/2012/07/04/us-syria-economy-socialist-idUSBRE8630FA20120704 |url-status=live}}

Attacks on bank

Since the start of the Syrian Civil War, the Central Bank building was attacked three times: in April 2012 a rocket-propelled grenade was fired at the building; in April 2013 it was affected by a car bombing nearby; and in October 2013 it was hit by mortar shells.{{cite news |title=Mortars hit Syria central bank in Damascus |url=https://now.mmedia.me/lb/en/nowsyrialatestnews/mortars-hit-syria-central-bank-in-damascus |access-date=11 October 2013 |newspaper=NOW| date=9 October 2013 |agency=AFP| archive-date=12 October 2013 |archive-url=https://web.archive.org/web/20131012050803/https://now.mmedia.me/lb/en/nowsyrialatestnews/mortars-hit-syria-central-bank-in-damascus |url-status=dead}}

During the fall of the Assad regime, looters stole some money from the central bank building but that the main vault had remained untouched according to head of the Damascus Chambers of Commerce.{{Cite web |last=Azhari |first=Timour |last2=Gebeily |first2=Maya |date=10 December 2024 |editor-last=Liffey |editor-first=Kevin |title=Syria central bank vaults left unscathed by Damascus looters, sources say |url=https://www.reuters.com/world/middle-east/syria-central-bank-vaults-left-unscathed-by-damascus-looters-sources-say-2024-12-10/ |url-status=live |access-date=13 March 2025 |website=Reuters |place=Damascus}}