Syria has appointed Safwat Raslan, the head of the Syrian Development Fund, as the new governor of the country's central bank, while former Governor Abdelkader Husriyeh has been named ambassador to Canada, according to state media reports on Friday.
Background of Appointments
Raslan, a former banker who fled Syria to Germany as a refugee during the nation's civil war and later obtained German citizenship, did not respond to a request for comment. His appointment was widely anticipated after Reuters reported earlier on Friday, citing two sources in the Syrian banking sector, that he was expected to take the role.
Husriyeh, who also did not respond to a request for comment, was appointed central bank governor by President Ahmed Al-Sharaa in April 2025. During his tenure, Syria successfully conducted its first international bank transfer via the SWIFT system since the start of the war, marking a significant step toward reintegration into the global financial system.
Syria's Banking Sector and Sanctions
Syria's banking sector has been striving to reconnect with global finance following the fall of former President Bashar Assad. Assad's crackdown on protests in 2011 triggered a 14-year civil war and sweeping Western sanctions that isolated Syrian banks and the central bank. Although most sanctions have since been lifted, the country's banks remain relatively isolated from the global financial system, hampering efforts to attract funds for economic recovery and post-war reconstruction.
Role of the Syrian Development Fund
Raslan was appointed director-general of the Syrian Development Fund in 2025. The fund, launched after Assad's ouster, serves as a state-backed vehicle to mobilize resources for reconstruction and development projects. His experience in managing this fund is expected to inform his approach to central banking as Syria seeks to stabilize its economy and rebuild infrastructure.
State media cited the foreign ministry in reporting Husriyeh's appointment as ambassador to Canada, signaling a diplomatic push to strengthen ties with Western nations. The appointments come at a critical time for Syria, as the country navigates the challenges of post-war recovery and seeks to attract international investment.
