Syria unveils plan for Damascus foreign exchange, gold market to boost monetary stability

24/04/2026 02:54 AST

Syria has announced plans to launch the Damascus Market for Foreign Exchange and Gold, aiming to strengthen monetary policy and enhance financial stability.

Governor of the Central Bank of Syria Abdulkader Husrieh said the initiative is part of a broader strategy to create a balanced and transparent exchange market, in line with a government decision that provides the legal basis for launching a regulated foreign exchange and gold trading platform in Damascus.

The World Bank has highlighted that Syria's public financial management systems remain severely constrained after years of conflict, with limited fiscal space, weakened revenue collection, and fragmented institutional capacity continuing to undermine economic stability.

In a report released in March this year, the international financial institution noted that strengthening transparency, accountability, and digital financial systems is central to rebuilding core state functions and restoring confidence in economic governance.

In a statement, Husrieh described the foreign exchange as a " pivotal step in advancing monetary policy and strengthening financial stability."

He added: "This electronic market, which will be established for the first time in Syria according to international standards, aims to regulate trading operations and unify price references, thereby reducing distortions and accurately and transparently reflecting supply and demand forces."

The governor said the market will enhance transparency by providing reliable data and continuous updates, supporting market confidence, and reducing unregulated speculation.

"It further aims to reduce reliance on parallel and black-market activity, for the first time in more than seventy years," he said.

Husrieh added that the platform is part of a package of measures to restructure the foreign exchange market and related financial professions, saying the CBS remains committed to its comprehensive strategy to support broader economic recovery.

Syria has recently begun a currency reform process, including the gradual withdrawal of old Syrian banknotes and the issuance of redesigned currency under a CBS-led timetable.

The measures, which include removing two zeros from the currency, come as part of efforts to restore confidence in the monetary system after years of severe depreciation, with the US dollar trading at significantly higher levels compared to pre-2011 levels

Arab News