The Central Bank of Syria announced the lifting of the freeze on most bank accounts in Syria, except for those that have been officially restricted.

Reuters reported today, Monday, January 27, citing a document and testimonies from bankers, that the official restrictions include accounts linked to businessmen and companies associated with the previous Syrian regime.

The report added that depositors would be able to submit requests to withdraw or transfer money and make deposits, but banks would review these requests based on available liquidity, as confirmed by a Syrian official and a banker to Reuters.

Last week, the Central Bank issued a decision to freeze all accounts linked to individuals and companies close to the Assad regime, a measure that remains in effect.

Additionally, the interim government in Damascus imposed a general freeze on bank accounts immediately after assuming power.

On another note, the head of the Central Bank, Maysaa Sabrine, stated on January 14 that the bank is working to enhance the independence of the institution concerning monetary policy decisions to ensure a radical change, away from the control exercised during Bashar al-Assad’s regime.

Sabrine confirmed that the bank aims to avoid printing new currency notes to prevent rising inflation rates.

She added that the bank has sufficient reserves to pay employees’ salaries, even after the promised 400% increase approved by the new Syrian administration.

The bank is also working on restructuring state-owned banks and introducing new regulations for exchange and transfer shops, which have become a major source of foreign currency.

Sabrine explained that there are plans to expand Islamic banking, including the possibility of opening Islamic branches of conventional banks.

She expressed hope for the lifting of international sanctions, which would enable Syrian banks to connect with the global financial system.

Sabrine considered allowing personal remittances from Syrians abroad to be a positive step towards easing these restrictions and boosting the local economy.

On December 9, 2024, the Central Bank of Syria sent a message to Syrians dealing with all operating banks, assuring them that their deposits and funds held at those banks are safe and will not be subjected to any harm, one day after the fall of the ousted president Bashar al-Assad.