DAMASCUS — The Governor of the Central Bank of Syria, Abdul Qader Husariya, confirmed on Friday that Syria will not resort to borrowing from international institutions, as the country begins to emerge from years of conflict following the collapse of the Assad regime.

“Syria, by order of President Ahmad al-Sharaa, will not resort to external debt, nor will there be any borrowing from the International Monetary Fund or the World Bank,” Husariya said in remarks published by state news agency SANA.

Husariya noted that the Syrian pound has appreciated by 30% since the downfall of Bashar Al-Assad’s regime in late 2024, signaling increased economic stability.

He ruled out any move to peg the national currency to the US dollar or euro, stating that the government aims to foster a production-driven economy supported by exports, rather than high interest rates or speculative investments.

“The investment environment is now qualified to provide stable returns for investors,” he said, describing the recovery as the first time in seven decades that all sectors of the Syrian economy have reactivated fully.

The comments come in the wake of President Donald Trump’s June 30 executive order lifting longstanding U.S. sanctions on Syria. That move was followed by similar decisions from European nations, providing a boost to Syria’s international financial access and economic prospects.

In a signal of reform, Husariya announced that Syria will soon establish a deposit insurance institution and unify the exchange rate of the Syrian pound within months.

He also confirmed that real estate loans will soon be available to Syrians living abroad.

“Syria has embarked on a new phase of monetary and banking openness, parallel to the beginning of the end of the decades-long isolation of the banking sector,” he said.

In June, Syria executed its first direct international bank transfer in 13 years, from a local bank to an Italian institution, using the SWIFT system, a milestone enabled by eased Western restrictions.

President Ahmad al-Sharaa assumed leadership of a transitional administration in January 2025, following Assad’s departure to Russia in December and the collapse of the Baath Party’s rule, which had lasted since 1963. — Agencies