Syria’s economy is growing faster than the World Bank’s 1% projection for 2025, boosted by the return of refugees after the end of a 14-year civil war, central bank Governor AbdulKader Husrieh said Thursday.

He outlined plans to relaunch the national currency and position Syria as a new financial hub for the Middle East.

Speaking by video link at a conference in New York, Husrieh said he welcomed a new partnership with Visa to expand digital payment systems. He added that Damascus is working with the International Monetary Fund to improve the accuracy of economic data and reflect what he described as a broader recovery.

Husrieh, who is steering Syria’s reentry into global financial networks after the fall of Bashar al-Assad’s government about a year ago, called the repeal of many U.S. sanctions “a miracle.” He said he expects remaining restrictions to end by late 2025, a move he said would reassure potential correspondent banks and encourage deeper connectivity.

Anti-money laundering overhaul

The governor said Syria is updating its rules against money laundering and the financing of terrorism, arguing that stronger oversight will make foreign banks more willing to work with Syrian institutions.

The central bank has held workshops with lenders from the United States, Turkey, Jordan, and Australia to strengthen due diligence practices.

The World Bank projected modest growth for Syria in 2025 due to ongoing liquidity and security constraints and suspended foreign assistance.

Husrieh, however, said the return of roughly 1.5 million refugees alone should significantly lift output. He acknowledged Syria lacks reliable economic data but said easing inflation and a firmer exchange rate signal an improving economy.

New currency, new direction

Husrieh said the central bank will introduce a new currency with eight denominations and remove two zeroes to restore confidence in the battered Syrian pound.

The redesign is part of a broader effort to end seven decades of central bank financing of government deficits, which he said has undermined fiscal credibility.

“The new currency will be a signal of financial liberation,” he said, adding that digital payments will complement the shift. He welcomed Visa’s return and said officials are also working with Mastercard as Syria tries to build a modern payment ecosystem.

Husrieh said Syria aims to become a financial hub for the Levant, supported by new partners and a restructuring of its financial sector to attract regional and global investors.