The transitional president of Syria, Ahmed al-Sharaa, issued a presidential decree on Monday, April 7, appointing Abdul Qader Hasriyeh as the Governor of the Central Bank of Syria (CBS).

The presidency published the text of decision number 10 issued by President al-Sharaa, which came based on the powers granted to the President and in accordance with applicable laws and regulations.

The presidency stated that the Governor of the Central Bank of Syria, Abdul Qader Hasriyeh, took the oath before the President of the Republic, marking the official commencement of his duties.

Who is Abdul Qader Hasriyeh?

Abdul Qader Hasriyeh was born in Damascus in 1961. He received his academic education at the American University of Beirut, where he obtained bachelor’s and master’s degrees in business administration.

He also earned a doctorate in finance from Durham University in the United Kingdom, with a dissertation on the role of financial markets in housing finance.

Hasriyeh obtained a master’s degree in Common Law from Osgoode Hall Law School in Canada, where he conducted research on developing regulations for currencies and digital assets, in addition to receiving a law degree from the University of Damascus and a degree in computer science from the Lebanese American University.

He also completed several specialized executive programs, including a program on tax policy and administration at the Kennedy School at Harvard University, a program in housing finance and developing financial markets at the Wharton School at the University of Pennsylvania, in addition to a real estate finance program at the Massachusetts Institute of Technology.

Hasriyeh possesses extensive experience in financial consulting and auditing, as well as a deep understanding of banking regulations and compliance in Syria and the Middle East. He played a significant role in drafting banking laws in Syria, including the Islamic Banking Law, the Money Exchange Law, the Leasing Law, and the Central Bank of Syria Law.

He also contributed to the development of a model for housing finance and related legislation, organized the profession of real estate appraisers, and implemented international financial reporting standards in the banking and corporate sector.

Additionally, he participated in formulating regulatory frameworks for the Syrian Securities and Financial Markets Authority and the Damascus Securities Exchange.

He collaborated with the World Bank in drafting the Public-Private Partnership Law, along with the institutional framework for this partnership.

Moreover, he provided consulting for the reform of the Central Bank of Syria in cooperation with the United Nations Development Program (UNDP), working on developing regulatory frameworks for the banking sector and enhancing the efficiency of monetary policies.

He also served on several boards of directors, including the Housing Finance Authority, the General Organization for Social Insurance, the General Organization for Housing, and the Investment and Real Estate Development Authority.

Following 1st female interim central bank governor

Abdul Qader Hasriyeh’s appointment as Governor of the Central Bank of Syria came as a replacement for the previous governor, Maysaa Sabrine.

The Central Bank of Syria stated on March 28 that Sabrine had concluded her duties efficiently, denying rumors of her resignation.

The Central Bank clarified that Sabrine’s departure came as part of the normal administrative procedures of the bank.

On December 30, 2024, the caretaker government temporarily appointed Maysaa Sabrine as the Governor of the Central Bank of Syria, making her the first woman to hold this position in Syria’s history.

The Central Bank of Syria

The Central Bank of Syria was established in 1956 and is known as an independent financial institution responsible for the country’s monetary policy and managing this policy, in addition to managing the country’s reserves of foreign currency and providing banks with their liquidity needs and interest rates.

The Central Bank performs several functions, including issuing the state’s currency and maintaining its monetary value, monitoring the operations of banks, and is considered an independent monetary institution that should not be interfered with by the executive authority.

However, in Syria, the situation changed since the Assad family’s rise to power in 1970, as the position became one where the individual leading it executes the President’s decisions and aligns with his economic vision.

Before Maysaa Sabrine was tasked with managing the affairs of the Central Bank of Syria, 13 governors had held the position since its establishment 68 years ago.

Adib Mayaleh holds the record for the longest tenure, having served for 12 years.