More than 30 Financial Sector Modernization Programs to Establish Monetary Stability

The Central Bank of Syria (CBS) has reformulated its vision for the next phase by launching its strategy for the period 2026-2030, in a move aimed at consolidating financial and monetary stability, and building a modern banking system capable of supporting economic recovery and keeping pace with regional and international transformations.

According to a statement published today on its official IDs, the  new strategy is based on a vision that makes the bank the "national pillar of stability and trust", and a leader in the transformation process towards a "robust, inclusive" and globally integrated economy, through a reliable monetary policy, a balanced exchange market, a sound banking system, and a secure digital payments system.

According to the bank's statement, the strategy relies on a set of interrelated axes, including enhancing monetary stability to enhance confidence in the national currency, regulating a transparent exchange market that reflects the forces of supply and demand, raising the level of safety and integrity of the financial sector, developing an advanced digital payments architecture, expanding financial inclusion, and deepening the link with the global financial system.

The Bank explained that the implementation of this vision will be carried out through more than 30 programs and initiatives covering various areas of work, with clear timetables and periodic follow-up mechanisms to ensure tangible results and improve the efficiency of implementation.

The bank placed this step in the context of Syria's increasing openness to international financial institutions, which allows the transfer of expertise and the adoption of international best practices, and contributes to rebuilding confidence in the financial system and facilitating the gradual integration of the Syrian economy into the global financial system.

  The implementation of  this strategy is based on updating the legal framework, enhancing governance, expanding transparency and communication, accelerating digital transformation, and developing institutional cadres to ensure the bank's ability to achieve its objectives efficiently.

Exclusive: A clear roadmap for years

The governor of the Central Bank of Syria, Abdul Qader al-Hossariya, stressed that the new strategy represents a "clear roadmap" for the bank's work in the coming years, noting that it reflects a "practical commitment" to establish monetary stability and enhance confidence in the national economy through deliberate policies and measures aimed at improving the economic environment and paving the way for Syria's wider integration into the global financial system.

The Bank pointed out that work is underway to implement programs and initiatives according to interim priorities, with continuous follow-up of performance indicators, in order to enhance transparency and ensure reaching the targeted results, stressing its commitment to continue developing its tools and policies, and working with various partners to support the stability of the national economy and promote sustainable growth.

The first of its kind in the bank's history

The Central Bank of Syria's Strategy 2026-2030 is the first integrated institutional document of its kind in the bank's history to be publicly published as a five-year "roadmap," in a transformation that ends a long phase of work based on crisis management and situational solutions.

Prior to this date, the Central Bank had never adopted time-bound strategies or long-term plans in the style of a "five-year strategy", but rather the management of the financial sector was based on the legislative framework and available monetary instruments, foremost of which was the "Basic Monetary Law" and the decisions of the "Monetary and Credit Board", which focused on addressing daily crises, controlling exchange rate fluctuations, and reducing inflation, without having a long-term planning path.

The beginning of the millennium witnessed various reform attempts, such as allowing the establishment of private banks and the launch of the Damascus Stock Exchange, but they were classified as partial reform steps rather than a comprehensive institutional strategy of the Central Bank.