The Central Bank of Syria allows the receipt of foreign remittances in foreign exchange

The Central Bank of Syria (CBS) has issued a new decision allowing beneficiaries of foreign remittances to receive them in Syrian pounds or foreign currency, according to their wishes, in a move that it said  aims to expand the options available to citizens in receiving remittances received from abroad.

The decision, which was published by the bank  on Sunday,  June 7, on its official IDs,  provided for the amendment of the first article of the Management Committee's decision No. (235/L) issued on April 21,  2026, to give beneficiaries greater flexibility in choosing the mechanism of receiving remittances received from outside the country.

The decision stipulated that banks licensed to deal in foreign exchange, in addition to licensed exchange and remittance companies, must deliver remittances received through international remittance companies, including "Western Union" and "MoneyGram", in Syrian pounds or foreign currency, "according to the desire of the beneficiary and the capabilities available to the party delivering the transfer".

 In a statement, the bank explained that the  new provisions of this decision will be applied as of the date of its issuance, and that the amendment comes as part of its efforts to develop remittance services and provide wider options for beneficiaries, in a way that contributes to improving the quality of financial services and meeting the needs of citizens.

Criticism of the Central Bank's decision: "Formal flexibility"

As soon as the Central Bank of Syria issued a decision that allows the receipt of foreign remittances in pounds or foreign currency "according to the beneficiary's desire and the capabilities available to the Muslim party", a wave of sharp criticism erupted from economists and financial experts, who considered that the decision does not grant the beneficiary any real right, but rather opens the door to the control of banks and exchange companies over the delivery mechanism.

Critics argued that the decision was drafted in a loose and elastic manner, and that the pivotal phrase "according to the capabilities available to the Muslim party" empties the text of its content, and turns "the beneficiary's wish" into a cosmetic sentence that has no executive value.

 Economists raised a series of direct questions that reveal what they described as the "gap between the text and reality": where will the dollar cash party come from?

What is Resolution (235/L)?

The decision stipulates that  banks licensed to deal in foreign exchange, exchange companies, and licensed remittance companies shall be obliged to deliver all remittances received through international remittance companies (including MoneyGram, Western Union, Shift, and others) in Syrian pounds according to the  prices of the Central Bank's bulletin.

The aforementioned decision stipulated  that other foreign currencies shall be calculated according to international cross rates or based on agreements concluded with remittance networks.

The decision was widely condemned in Syrian circles due to the large difference between the exchange rate of the parallel market in Syria and the rates set by the Central Bank for the disbursement of remittances.

Since last September, the Central Bank of Syria has been pursuing what is known as the "managed flotation plan", which requires unifying the exchange rate, establishing a transparent trading platform "announced without specifying who will implement it", in addition to implementing deliberate interventions in the market and gradually building cash reserves.

Semi-official statistics indicate that remittances to Syria, including those related to humanitarian aid through international organizations and civil society organizations, amounted to about $1.4 billion last year.