Shafaq News – Damascus

Syria’s Central Bank (CBS) Governor Abdul Qader Hasriya welcomed the easing of American trade restrictions, describing it as a “key step” toward strengthening the country’s financial and banking sector.

In a statement, the governor said the expanded access to American technology would support monetary reform and help integrate Syria into the international financial system.

Hasriya added that the Central Bank and the Ministry of Finance, in coordination with the Ministry of Foreign Affairs, continue their constructive engagement with the US Treasury Department. “There is a clear commitment to supporting ongoing reforms in the financial and banking sectors and in overall fiscal policy.”

The comments followed the US Department of Commerce’s announcement that it would ease export controls on Syria. Under the new rule, many civilian goods, software, and technologies, along with consumer communications devices and certain civil aviation items, may be exported without a license.

Approvals for exports related to telecommunications infrastructure, sanitation, power generation, and civil aviation were also streamlined, while dual-use items remain subject to case-by-case review.

The decision stems from Executive Order 14312, signed on June 30, 2025, which revoked long-standing sanctions and ordered a review of restrictions under the Export Administration Regulations. The United States first imposed sanctions on Syria through the Syria Accountability Act in 2004, later expanding them through the Caesar Act of 2019 to cover energy, banking, and infrastructure, and to penalize foreign companies and individuals dealing with Damascus.

Economist Fares al-Haj told Shafaq News that the decision could facilitate the import of much-needed equipment for electricity, water, and telecommunications, cautioning, however, that the effect on daily life would remain limited unless accompanied by broader relief in banking and financial transactions.