Central Bank of Syria

What Central Bank of Syria does

The Central Bank of Syria is the sovereign monetary authority of the Syrian Arab Republic, established by Legislative Decree No. 87 (per the firmographic data also citing 1953) and headquartered at Al-Maghribieh Square in Damascus. It exercises statutory monopoly over currency issuance, monetary policy formulation, foreign exchange management, and banking sector supervision under Basic Monetary Law No. 23/2002. The institution operates core monetary infrastructure including the Syrian Gross Settlement System (SYGS), a real-time gross settlement platform connecting all 22 operating banks and 3 microfinance banks in the country, plus licensing and oversight functions for exchange companies, payment companies, and microfinance institutions. Wholly-owned subsidiaries include the Syrian Payments Company (electronic payment infrastructure) and the Credit Guarantee Institution (SME credit risk guarantee).

The bank does not operate as a profit-seeking entity; its revenue derives from seigniorage and monetary operations rather than commercial pricing. Its distribution is via provincial branch offices across Syria and licensed financial intermediaries, with active efforts to reopen branches in Hasakah and Raqqa. Following the fall of the Assad government in December 2024, the bank has executed an intensive reintegration program into the global financial system: it signed an MoU with Mastercard (September 2025), reconnected to SWIFT (November 2025), launched a new currency removing two zeros from the old Syrian pound (January 2026), reopened its account at the Federal Reserve Bank of New York (March 2026), and authorized reconnection to Visa and Mastercard card networks (May 2026). It also signed a digital payments partnership with Visa (December 2025) and facilitated QNB Group becoming the first international bank to enable card acceptance in Syria (May 2026). Muhammad Safwat Ruslan (محمد صفوت رسلان) was appointed Governor in May 2026, succeeding Dr. Abdul Qader Husrieh (عبد القادر الحصرية).

Name

Central Bank of Syria

Legal name

Central Bank of Syria (مصرف سورية المركزي)

Website

https://cb.gov.sy

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Central Bank of Syria is Syria's sovereign monetary authority, headquartered in Damascus, responsible for currency issuance, monetary policy, banking supervision, and operation of national payment infrastructure including the SYGS settlement system, currently executing a major reintegration into global financial systems after 15 years of sanctions-era isolation.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (52111), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industry

Interbank Clearing (Domestic Clearing Systems) (FSABAJAB)

Keywords

• Central banking services
• Monetary policy implementation
• Currency issuance management
• Banking supervision regulation
• National payment systems

Headquarters

HQ city

Damascus

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Seigniorage and Monetary Operations: The Central Bank of Syria functions as the nation's monetary authority responsible for currency issuance, monetary policy implementation, foreign exchange management, and financial system stability. It does not operate as a profit-seeking entity but rather as a public financial institution overseeing the banking sector.

Distribution channels2 records

Marketing channels1 record

Core offering

The Central Bank of Syria operates as Syria's national monetary authority, providing currency issuance and management, monetary policy implementation, banking sector supervision and licensing, foreign exchange management, and operation of national payment and settlement infrastructure. It serves the Syrian government, public and private banks, microfinance institutions, exchange companies, and payment service providers through regulatory oversight and direct service delivery, while managing Syria's reintegration into global financial networks.

Product overview

The Central Bank of Syria operates as Syria's central monetary authority providing a comprehensive range of financial services and regulatory functions. The core products include the Syrian Gross Settlement System (SYGS) for inter-bank payments and the recently launched Paymera national payment network connecting to international systems. The bank offers currency issuance and management, banking supervision, electronic payment licensing, foreign exchange services, treasury instruments, and branch banking services across Syrian provinces. The institution also manages licensing and regulatory oversight for banks, payment companies, exchange companies, and microfinance institutions through its specialized service divisions.

Differentiator

Problem solved

Functional benefit

Products and services

• Syrian Gross Settlement System (SYGS) (نظام التسويات الإجمالية السوري) National real-time gross settlement system for inter-bank transactions, connecting all 22 operating banks and 3 microfinance banks in Syria for processing payment orders.
• Paymera National Payment Network Syria's first local payment network connected to international payment systems Visa and Mastercard, enabling domestic card-based payments and financial inclusion.
• Currency Issuance Services (الإصدار النقدي) Cash issuance services including currency printing, distribution, and management of Syrian banknotes and coins, including the 2026 monetary reform introducing a new Syrian pound.
• Banking Supervision Services (الإشراف على القطاع المصرفي) Regulatory and supervisory services for banks and financial institutions operating in Syria, including licensing, compliance monitoring, and risk assessment.
• Foreign Exchange Services (القطع الأجنبي) Foreign exchange services including sale of foreign currency to public sector delegations and management of foreign exchange allocations and reserves.
• Licensing Services for Banks, Payment Companies, and Exchange Companies Licensing and registration services for banks (including establishment approval, branch opening, board appointments), electronic payment companies, money exchange companies, and microfinance banks operating in Syria.
• Treasury Bonds and Bills (سندات وأذون الخزينة) Government treasury bonds and bills issued for public subscription and investment as part of monetary policy operations.
• Deposit Certificate Services (شهادات الإيداع) Deposit certificates issued by the Central Bank of Syria as monetary policy instruments for liquidity management.

Quantifiable outcome

• Reconnected Syria to global payment networks Visa and Mastercard for the first time in 15 years
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• QNB Group (Qatar National Bank)coreTechnology or Integration · 5 May 2026QNB Group, the largest financial institution in the Middle East and Africa, received a Mastercard license to expand payment issuing and accepting activities in Syria. QNB became the first bank in the world to enable acceptance of international payment cards in Syria following the Central Bank of Syria's May 4, 2026 decision. Network integration was expected to be operational by end of May 2026.
• Ziraat Bank (Turkey)minorStrategic or Co-development Partner · 31 December 2025Turkey's Ziraat Bank, the country's largest bank by assets (7.9 trillion lira / $184 billion as of September 2025), proposed launching banking operations in Syria to the Central Bank of Syria. CEO Alpaslan Cakar stated they are closely monitoring the process in coordination with relevant authorities. Ziraat is in discussions with Syrian banks to strengthen correspondent banking relationships.
• VisacoreTechnology or Integration · 4 December 2025Visa announced a partnership with the Central Bank of Syria to launch operations and develop a digital payments ecosystem in Syria. The agreement covers a roadmap for issuing EMV chip payment cards, enabling digital wallets, and supporting merchant payment acceptance through licensed financial institutions, aiming to integrate Syria into the global digital economy and empower MSMEs.
• MastercardcoreTechnology or Integration · 23 September 2025Mastercard signed a memorandum of understanding with the Central Bank of Syria on September 23, 2025 to develop digital payment infrastructure and promote financial inclusion. Mastercard completed technical procedures to process international bank card transactions in Syria, marking the first such development in over 15 years. Governor Abdelkader Husrieh stated the development would provide a strong boost to the national economy, help attract international investors, and enable digital payment solutions.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Central Bank of Lebanon (Banque du Liban): Lebanese central bank with overlapping mandate (currency issuance, monetary policy, banking supervision) and a closely comparable profile: decades of conflict/sanctions-adjacent exposure, currency instability, and a banking sector crisis requiring central bank intervention.
• Central Bank of Iraq: Post-conflict central bank that has rebuilt monetary and payment infrastructure after years of isolation; comparable in mandate, currency stabilization history, and the need to manage a fragile commercial banking sector.
• Central Bank of Iran: Central bank operating under heavy sanctions with limited SWIFT/correspondent access and parallel currency management challenges; analogous to CBS on the sanctions/financial-isolation dimension and on managing dual exchange rates.

Regional players

• Central Bank of Egypt: Regional central bank comparable in mandate and payment-system modernization agenda; contrasts with CBS in scale and stability but shares the focus on currency management, banking supervision, and integration into regional payment rails.
• Central Bank of Turkey: Neighboring central bank with shared border dynamics (Ziraat Bank entry proposal) and an emphasis on FX policy; relevant given the cross-border banking and correspondent relationships CBS is rebuilding with Turkish institutions.
• Central Bank of Jordan: Neighboring central bank with a track record of payments modernization and regulated banking sector; comparable as a regional monetary authority and a source of correspondent banking relationships with Syrian banks (Jordan Bank Syria referenced).
• Banque d'Algérie: North African central bank with comparable mandate, currency-issuance role, and banking-sector oversight in a state-dominated financial system; useful peer for assessing institutional structure rather than scale.

Broad incumbents

• Saudi Central Bank (SAMA): Larger, well-resourced regional central bank with deep payment-rail expertise and active role in MENA financial integration; relevant as a potential anchor partner and a benchmark for monetary and supervisory modernization CBS is pursuing.
• Central Bank of the UAE: Established regional central bank operating advanced digital payment infrastructure; analogous to CBS in mandate and useful as a benchmark for the modernization trajectory CBS is pursuing with Visa/Mastercard/Paymera.

Others

• Banque de France: G7 central bank with which CBS has engaged during reintegration (noted in company history); included as a reference institution rather than a direct comparable given the scale and mandate differences.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/cb.gov.sy

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Central Bank of Syria