Doha: Syrian officials hailed the US Department of the Treasury’s decision to end sanctions on Syria as a strategic turning point in the country’s economic and diplomatic relations and a real opportunity to reintegrate Syria into the international financial system after years of restrictions and economic isolation.
According to Qatar News Agency, Assistant Minister of Economy and Industry of Syria Mohammed Yassin Hourieh highlighted that lifting sanctions directly contributed to the recovery of vital sectors that had been affected since Syria was designated a state sponsor of terrorism in 1979, including industry, technology, energy, and electricity.
He noted a significant improvement in the Syrian Pound’s exchange rate following the announcement of the decision, with the dollar falling from 13,000 to 9,500, with the expectation that this improvement will continue in the medium term. This reflects growing confidence in the Syrian economy after years of economic pressure and isolation.
He indicated that the decision reconnected Syrian banks to the global financial system, allowing dollar transfers via General License No. 25 issued by the US Department of the Treasury. This enhances the government’s ability to conduct its financial transactions without restrictions, revives the banking sector, which has been inactive for years, and improves foreign remittances, which will positively impact local economic activity.
Hourieh also told QNA that the Syrian government is working to support foreign trade and attract investments through a specialized institutional structure to monitor trade issues, facilitate import and export procedures by updating the lists of goods permitted for trade at land and sea ports, and assess the infrastructure to ensure its readiness for any increase in trade activity.
He stressed that lifting sanctions represents a real opportunity for foreign companies to return to the Syrian market, particularly European and Arab companies interested in reconstruction projects, factory construction, and housing projects. He also noted that import and export activity through the port of Tartus is expected to improve, facilitating the import of essential goods such as food, medicine, and medical supplies without the need for special approvals, thus enhancing the stability of commodity availability and prices in local markets.
He pointed out that the government is working to secure a stable economic environment by shifting to a free-market economy, combating corruption, rebuilding institutions, reforming the financial system, and reactivating the Damascus Stock Exchange, all while adhering to transparency standards and banking financial compliance rules. This reflects the state’s commitment to ensuring an economic environment that is attractive to investors and conducive to sustainable growth.