Banks in Syria

The formal banking system in Syria includes six public banks and fifteen private banks listed as operating by the Central Bank of Syria on 31 March 2025. Public institutions include the Commercial Bank of Syria, Industrial Bank, Agricultural Cooperative Bank, Popular Credit Bank, Real Estate Bank and Saving Bank. Private banks include conventional and Islamic institutions. Microfinance institutions and electronic-payment providers operate under separate rules and do not automatically provide the same services or protections as banks. The Central Bank of Syria manages monetary policy, issues currency, supervises banks and maintains access to SWIFT. Banking activity is based on laws including Banking Law 28/2001, Law 23/2002 and the Islamic Banks Decree 35/2005. The banking framework is being reformed during 2025 and 2026, so an announced application or investment plan does not mean that a new bank has received a licence. In areas administered by the Autonomous Administration of North and East Syria, the Central Money and Payments Office performs de facto supervisory functions. Its licences and approvals do not automatically create the same legal position as Central Bank of Syria authorisation elsewhere. A person generally needs to be at least 18 years old and present a Syrian personal identity card or, for a non-Syrian applicant, a passport. Banks apply customer-identification and anti-money-laundering checks and may ask about the purpose and source of funds. A company normally provides a current commercial registration, incorporation and articles documents, identification for authorised signatories and, where relevant, an industrial registration. Each bank sets its own product conditions and may request further documents. Banks offer current accounts, savings accounts and fixed-term or investment deposits in Syrian pounds, US dollars, euros and, depending on the bank, other currencies. Some products have opening or minimum-deposit requirements. For example, a National Islamic Bank account example lists an opening amount of at least SYP 10,000 or its equivalent and no permanent minimum balance, while its investment-deposit products use different minimum amounts and terms. These figures are bank- and product-specific and can change. Cash is still widely used because payment infrastructure and financial intermediation remain limited. Transfers, cheques, ATMs, point-of-sale payments, debit cards and internet or mobile banking are available in some combinations, but there is no verified nationwide service level. Local debit and ATM cards may support ATM, point-of-sale and online transactions, with daily limits set by the issuing bank. Licensed banks and payment companies may cooperate with Visa and Mastercard, and controlled acquiring services for eligible merchants have begun, but international card acceptance does not mean that locally issued cards or merchant coverage are available everywhere. Electronic-money and payment-service rules are developing. Decision 1124 of 19 August 2026 provides three licence classes: payment service provider, electronic money service provider and payment system operator. The framework includes requirements concerning governance, risk management, cybersecurity and user protection, while cash remains permitted. Roadmaps for EMV, tokenisation, wallets, QR payments and tap-to-phone services show the direction of development, but a roadmap or memorandum does not prove that a full nationwide service is already operating. The Central Bank reported the resumption of direct and indirect financial transfers and SWIFT access in July 2025. A particular international transfer still depends on the bank's correspondent relationships, compliance review, sanctions screening and the destination. Transfers can be delayed or rejected because of customer information, payment purpose, correspondent-bank requirements or sanctions controls. US and EU restrictions changed substantially in 2025, but restrictions concerning particular persons, entities, security matters, chemical weapons, drugs and dual-use goods remain relevant, so each transaction requires screening. Liquidity conditions differ between banks and branches. Central Bank measures in May 2025 stated that cash-funded current accounts and fixed-term deposits opened after 7 May 2025 could be withdrawn at any time without a fixed limit, while later guidance prioritised salaries and protection of small depositors. These measures do not remove the possibility of bank- or branch-level cash shortages, especially for older balances. A Deposit Guarantee Authority was announced or established in 2025, but its coverage limits, contribution rules, payout procedures and operating status have not been sufficiently verified to assume blanket deposit insurance. Customers should therefore confirm the current protection rules directly with the bank and not treat every deposit as automatically guaranteed. Banks normally publish tariffs and service information through branches, hotlines, websites and official Central Bank channels. Fees can include account, card, ATM, transfer, correspondent-bank and foreign-exchange charges. There is no verified single national fee schedule or account-opening time for all banks. In areas regulated by the Central Money and Payments Office, payment providers must disclose prices and terms and maintain complaint and remedy processes, but no nationwide ombudsman system or uniform reimbursement deadline has been verified. Protect account credentials, PINs, one-time passwords and passwords, report a lost card or suspected fraud immediately, and check the bank's current liquidity, withdrawal, transfer and complaint arrangements before depositing or sending money.