Syria Sets Sights on U.S. Banking Connections

Syria is set to reestablish banking transactions with the U.S., according to Syrian central bank governor Abdelkader Husriyeh. The announcement comes following a pivotal meeting between Syrian and American banks, signaling a major stride in reintegrating Syria into the global financial network.

This development follows U.S. President Donald Trump's May announcement to lift sanctions on Syria, a move backed by subsequent executive orders. Such efforts are designed to bolster Syria's reconstruction and economic activities, shifting its cash-based economy towards healthier financial transactions.

Husriyeh confirmed plans to invite U.S. banks to establish correspondent offices in Syria, a gesture aimed at rekindling ties severed due to sanctions following Bashar al-Assad's regime. Top U.S. banks, including JP Morgan and Morgan Stanley, have been approached to participate in this rapprochement.

(With inputs from agencies.)