Syria's economic turmoil worsened in 2019 when neighbouring Lebanon, with which it has extensive economic and financial ties, also descended into crisis. Damascus then introduced a plethora of exchange rates for different transactions to safeguard scarce hard currency.

An end to U.S. sanctions on Syria is expected to mark a new era for an economy devastated by 13 years of war, opening the way for investment flows from the Syrian diaspora, Turkey, and Gulf states that back the new government.

Some sanctions from trade and oil embargo, asset freezing to financial transaction bans and many more still imposed on Syria despite fall of Assad regime on December 2024 - Anadolu Ajansı

But the country must also modernise monetary policy, rewire banking and reconnect with global markets, argues Abdulkader Husrieh

Turkish companies and banks will benefit from a lifting of U.S. sanctions on Syria, Onur Genc, chief executive officer of financial group BBVA said on Wednesday.

Syria's president has flown to Bahrain, where he discussed mutual relations and regional affairs with King Hamad bin Isa Al Khalifa on his latest trip abroad since taking office in January.

U.S. President Donald Trump has said he will lift longstanding sanctions on Syria that severed the country from the global financial