Damascus: Governor of the Central Bank of Syria, Abdul Qader Husariya, confirmed Friday that his country will not borrow from abroad.

According to Anadolu Agency, Husariya stated that "Syria, by order of President Ahmad al-Sharaa, will not resort to external debt, nor will there be any borrowing from the International Monetary Fund or the World Bank," as reported by the Syrian news agency, SANA. The governor highlighted that the exchange rate of the Syrian pound has improved by 30% since the fall of Bashar Al-Assad's regime in late 2024.

Husariya explained that there is no intention to peg the Syrian pound to the US dollar or the euro. The government's focus is on building a healthy economy based on production and exports, without relying on high interest rates or risky investment incentives.

He further noted that the investment environment is now positioned to provide stable returns for investors, marking the Syrian economy's first phase of full recovery across all sectors in seven decades.

US President Donald Trump signed an executive order on June 30, ending sanctions on Syria following the Assad regime's crackdown on 2011 protesters. This move was followed by European decisions to ease similar sanctions, significantly boosting Syria's economy.

As part of restructuring the country's economic system, Husariya indicated that a deposit insurance institution will be established in Syrian banks. He expects that distortions in the Syrian pound's exchange rate will end within months, with a unified exchange rate being reached. Additionally, real estate loans will be provided to Syrians abroad.

Husariya added that Syria has embarked on a new phase of monetary and banking openness, marking the beginning of the end of the banking sector's decades-long isolation.

In June, Syria executed its first direct international bank transfer in 13 years, from a local bank to an Italian bank via SWIFT, as part of European and American decisions to ease and lift obstacles.

Assad, who led Syria for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963. A new transitional administration led by al-Sharaa was formed in Syria in January.