Syrian Banks Restore International Relations as SWIFT Resumes

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The Central Bank of Syria (CBS) Gov. Safwat Raslan confirmed the SWIFT system resumed operations after the bank was disconnected previously due to sanctions. He explained the current challenge is no longer the system’s existence, but rebuilding relationships with correspondent banks around the world. Raslan said SWIFT never stopped operating at private Syrian banks, while the CBS had been disconnected from the network because of sanctions related to the Assad regime. After restrictions were lifted, the CBS successfully reconnected to the SWIFT network. Rebuilding Correspondent Bank Relations R…