Syria
Syria, located in the Middle East, is a country with a rich cultural history and a strategic location at the crossroads of Western Asia. It shares borders with Turkey, Iraq, Jordan, Lebanon, and Israel, with the Mediterranean Sea to the west. The population is around 20 million, though the ongoing Syrian Civil War has significantly impacted both demographics and the economy.
Before the conflict, Syria had a diverse economy with key sectors including agriculture, industry, energy, and manufacturing. The war has devastated infrastructure, disrupted oil production, and caused widespread poverty and economic instability. The Syrian pound has sharply devalued, and inflation remains high.
Despite these challenges, Syria is making efforts toward economic recovery, rebuilding infrastructure, stabilizing industries, and attracting foreign investment. The banking and financial sector remains underdeveloped, with limited access to formal banking, particularly in conflict-affected areas, while financial inclusion and digital banking remain emerging priorities.
Top banks
Syria’s banking sector is primarily dominated by state-owned banks, though several private banks also operate within the country. The Central Bank of Syria (CBS) plays a crucial role in regulating monetary policy, managing foreign exchange reserves, and ensuring financial stability. Despite years of conflict and international sanctions that have restricted growth, the Syrian banking system is gradually working toward modernization and digital transformation. Efforts to rebuild the financial infrastructure, expand banking services, and encourage economic recovery highlight Syria’s ongoing push to strengthen its financial sector and enhance banking accessibility across the nation.
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Central Bank of Syria (CBS)
Central Bank of Syria (CBS) is the country’s main monetary authority, overseeing Syria’s banking system, issuing currency, and managing monetary policy. Despite international sanctions, CBS ensures financial stability, supports economic recovery, and regulates banking operations. It plays a critical role in maintaining Syria’s currency stability and financial sector resilience.
The Commercial Bank
The Commercial Bank of Syria, the largest state-owned bank, provides extensive banking and financial services nationwide. Leading in assets and transactions, it supports trade finance, business loans, and foreign exchange operations, playing a central role in Syria’s public banking system and contributing to the country’s economic stability and growth.
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Banque Bemo Saudi Fransi (BBSF)
Banque Bemo Saudi Fransi (BBSF), founded in 2004 with Lebanese and Saudi investment, is a prominent private bank in Syria. Offering retail, corporate, and investment banking services, BBSF supports foreign investment, drives economic development, and delivers modern financial solutions to businesses and individuals across the Syrian banking sector.
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Syria International Islamic Bank (SIIB)
Syria International Islamic Bank (SIIB) is a leading Islamic bank in Syria, providing Sharia-compliant banking products and services. Supported by regional investors, SIIB drives the growth of Islamic finance, promotes financial inclusion, and supports private sector development, offering secure and ethical banking solutions for individuals and businesses across Syria.
Top payment methods
Due to international sanctions, Visa and Mastercard are not available or officially usable in Syria, as global restrictions and banking sanctions have disconnected Syrian banks from the international SWIFT payment system. This prevents global card networks from processing transactions or issuing credit and debit cards in the country. As a result, cash payments, local money transfers, and the Hawala payment system in Syria dominate financial transactions. The Hawala network allows fast, low-cost, and reliable money transfers within Syria and abroad, making it essential for remittances, cross-border payments, and business transactions. Despite restrictions, Hawala plays a vital role in Syria’s financial system and informal economy. The Hawala system in Syria is an informal money transfer network. It operates outside traditional banking channels.
Concluding remarks
Syria’s digital payment landscape is gradually expanding, especially in cities like Damascus, despite challenges such as limited infrastructure and low financial inclusion. As mobile banking and digital financial services grow, they are set to drive economic recovery and modernize Syria’s banking and fintech ecosystem.
Cash
Cash remains the most widely used payment method in Syria, especially for everyday transactions, and it continues to dominate, particularly in rural and conflict-affected areas where banking infrastructure is lacking.
Bank Cards
Bank cards, including debit and credit cards, are available in some larger cities such as Damascus and Aleppo. However, their usage is limited compared to cash transactions, and they are not widely accepted outside major urban centers.
Mobile payments
Mobile payments are an emerging trend in Syria. Some private banks and telecommunications companies have introduced mobile payment solutions, allowing users to send money, pay bills, and transfer funds through their mobile phones. However, the penetration of mobile payment services is still limited, and the country’s infrastructure challenges hinder widespread adoption.
Bank transfers
Bank transfers are mainly used for larger transactions, such as salary payments and business operations. However, the Syrian banking system faces inefficiencies and limited access in many regions, making this option less popular among ordinary citizens. International money transfers to Syria are particularly challenging due to ongoing economic sanctions and restrictions on foreign currency transactions.
Digital Wallets
The adoption of digital wallets in Syria is still in the nascent stages. While some private banks are experimenting with digital wallet services, the country faces significant barriers, including limited internet access and low levels of financial inclusion, particularly in rural and conflict zones.
Cryptocurrency
Cryptocurrency has garnered some interest in Syria, as many people see it as an alternative to the heavily devalued Syrian pound and as a way to bypass sanctions. However, cryptocurrencies are not widely used, and the government has not yet implemented comprehensive regulations for digital currencies.
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