The Central Bank of Syria signed an agreement with Mastercard on Sunday, which analysts say is a milestone for Syria’s banking sector as it seeks to reintegrate into global payment networks.
The deal, reported by two Syrian banking sources, is to cover the development of digital payment infrastructure and the issuance of local and international bank cards.
The signing comes 14 years after the US company left Syria as western sanctions squeezed the government of president Bashar Al Assad for his repression of peaceful public protest.
“It is the first time a company of this size has signed an agreement with the Syrian central bank,” Benjamin Fève, senior analyst at Karam Shaar Advisory, told The National, stressing that the deal is a declaration of interest and not binding.
“Still, it sends a very strong signal, and it is not only about issuing Mastercards in Syria but also about offering macro-level solutions for the digitalisation of the country’s payment systems,” he added.
He said the deal, if it materialises, would modernise Syrian banks’ payment systems and improve their credibility abroad.
“For customers, it would allow the use of credit cards in Syria and overseas, giving them access to modern financial services after years of reliance on cash,” he added.
Sanctions have left Syria’s financial sector in tatters, with its banks barred from dealings with foreign lenders except in a handful of tightly monitored cases. Since 2011, payments and withdrawals for Mastercard and Visa cardholders were blocked in Syria, leading to it becoming one of the Middle East's cash economies.
These far-reaching sanctions have contributed to an economic crisis which has pushed nine out of 10 Syrians below the poverty line, according to the UN.
Now, with most US sanctions lifted after the fall of Mr Al Assad's regime in December, Syrian banks are seeking to reintegrate into the global system, a move it regards as crucial if reconstruction investments are to reach the country.
Mr Feve said that the deal could have broad impact on Syria’s economy, as it is not a bank-level agreement but involves the Syrian central bank.
“It would give the state and the entire financial sector access to a full digitalisation platform and a modernised system, potentially transforming Syria’s economy for all its people.”
In June, Syria's central bank governor Abdulkader Husrieh held an online meeting with US and local banks, as well as US officials in an effort to reconcile Syria with the American financial sector.
At the time, Mr Husrieh told The National the meeting went very well, and that it was the first such engagement after more than 50 years of boycotts.
But analysts and officials said that a full economic recovery will take time and face many challenges. This would include the need for Syrians banks to adapt to international regulations after decades of isolation, the end to all sanctions, and political stability in a country undergoing a political transition marked by sporadic violence.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
More on Quran memorisation:
UAE currency: the story behind the money in your pockets
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The five pillars of Islam
More from Neighbourhood Watch:
Killing of Qassem Suleimani
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The years Ramadan fell in May
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
UAE currency: the story behind the money in your pockets
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
KILLING OF QASSEM SULEIMANI
