U.S. welcomes reactivation of Syria central bank account in New York
QAMISHLI, Syria (North Press) – The United States welcomed on Wednesday the reactivation of Syria’s Central Bank’s account at the Federal Reserve Bank of New York, marking the first time it has been operational since 2011 and signaling a step toward reintegrating Syria into the global financial system.
U.S. Special Envoy for Syria Tom Barrack said in a post on the X that the move reflects progress in financial coordination between Washington and Damascus.
“President Donald Trump has made good on his promise to give Syria a chance,” Barrack wrote. “The Central Bank of Syria’s account at the Federal Reserve Bank of New York has been re-activated for the first time since 2011.”
The U.S. Department of the Treasury also welcomed the step, describing it as part of efforts to reintegrate Syria into the international financial system following years of isolation.
In a statement on X, the department said sanctions relief was “the first step” toward supporting Syria’s economic recovery and confirmed that it is working with Syrian authorities to ensure the country’s responsible return to global financial markets.
Earlier, the Central Bank of Syria announced that it had completed procedures to normalize its banking relations with the Federal Reserve and officially reopen its account in New York.
The bank said the move would help facilitate international transfers, manage foreign reserves, and strengthen monetary stability.
The account had been inactive since the outbreak of the Syrian conflict in 2011, when Western sanctions cut the country’s financial institutions off from much of the global banking system.
Recent steps to restore financial channels have included reconnecting Syrian banks to the international SWIFT system and reestablishing correspondent banking relationships with foreign institutions.
Analysts say reopening the Federal Reserve account could help facilitate international transactions and improve confidence among global financial institutions as Syria seeks to rebuild its economy after more than a decade of conflict.