State of the World from NPR Syria Tries To Rebuild A Functioning Economy After Years of Corrupt Dictatorship
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Aug 12, 2025 Syria is navigating a complex financial landscape after years of dictatorship. With recent shifts in governance and the lifting of US sanctions, there’s a glimmer of hope for recovery. However, citizens face severe liquidity issues and banking restrictions. The challenges are immense, but local leaders, including the new central bank governor, are exploring ways to stabilize and revive the economy. The conversation reveals a cautious optimism amidst the struggle for reform in a nation desperate for change.
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Cash Shortage At Local Banks
- A bank branch counts large stacks of bills that amount to just a few dollars because the Syrian currency collapsed.
- Branch manager Amar Hamid says withdrawals above a few dollars require his approval and proof like medical reports.
Multi-Layered Financial Collapse
- Syria faces a multi-layered financial crisis from sanctions and regime-era corruption after the opposition formed a government.
- New central bank governor Abdul Qadir Hasriya says lifting U.S. sanctions opened access but banks need time to readjust.
Governor Returns Amid Tech Limits
- Governor Hasriya returned from Canada and struggles with basic tools because services like Zoom still block Syria.
- He says Syria will reject IMF and World Bank loans and plans bonds and treasury bills instead.