After Syrian Central Bank Governor Abdulkader Husrieh denied, on April 22, that foreign remittances would be delivered exclusively in Syrian pounds, the Syrian Central Bank published a decision today, Thursday, contradicting the governor’s denial. The decision was signed by the governor on April 21.
Pages on social media circulated information last Tuesday saying remittances to citizens would be delivered exclusively in Syrian pounds at all exchange and money transfer companies and offices. The Syrian Central Bank governor denied this on Wednesday in a statement carried by the Syrian Arab News Agency, SANA.
In the statement, the governor said reports that foreign currency remittances would be delivered exclusively in Syrian pounds were inaccurate, before the decision circulated again today bearing the governor’s own signature.
All Foreign Remittances Must Be Paid in Syrian Pounds
A responsible source at the Syrian Central Bank, who asked Enab Baladi not to be named for administrative reasons, confirmed the authenticity of the Central Bank decision to deliver foreign remittances in Syrian pounds. The decision had circulated on websites and economic and financial pages focused on the Syrian market.
Under Article 1 of the Central Bank decision, banks, exchange companies, and domestic money transfer companies contracted with global transfer networks, including “MoneyGram,” “Western Union,” and others, are required to deliver all remittances received from those networks to beneficiaries in Syrian pounds.
The average exchange rate for the US dollar listed in the bulletin issued by the Syrian Central Bank will be applied, with the addition of a maximum or minimum price margin specified in the text of that bulletin. The decision also requires the necessary measures to be taken to agree with global transfer networks on a specific pricing policy.
The average rate in the official daily exchange rate bulletin issued by the Syrian Central Bank for the Syrian pound against foreign currencies is calculated based on the buying and selling rates listed in the bulletin for each foreign currency. The price movement margin is set at 15% of the exchange rate of the foreign currency, whatever that currency is.
Central Bank Regulates Currency Conversion Through Global Networks
Article 3 of the Central Bank decision states that “the equivalent value of other currencies shall be calculated according to cross rates, based on global exchange rates approved by global transfer networks, or by agreement between the two parties.”
Global transfer networks are informed of this decision by banks licensed to deal in foreign currency and by exchange companies and domestic money transfer companies contracted with them.
The decision was based on the provisions of Law No. 23 of 2002 and its amendments in the Basic Monetary Law, Cabinet Presidency Decision No. 189 dated March 18, 2025, which required the Syrian Central Bank to unify exchange rate bulletins, and a letter from the Central Bank’s Banking Operations Directorate, No. 8/560/S, on April 16, 2026, concerning the delivery of foreign remittances in Syrian pounds.
Central Bank: US Dollars Converted at Average Rate
Regarding why the Syrian Central Bank denied that foreign remittances would be delivered in Syrian pounds, then confirmed it through an official Central Bank decision, the same Central Bank official told Enab Baladi that the reason was that some exchange companies had required citizens to receive foreign remittances in Syrian pounds at the Central Bank’s indicative rate, claiming this was based on Central Bank instructions. That was not true, and that is what the Central Bank denied.
He noted that the official exchange rate bulletin issued by the Syrian Central Bank is an “indicative” bulletin and is not binding on banks, exchange companies, and money transfer companies contracted with international money transfer companies.
He confirmed that the Syrian Central Bank held a meeting on Wednesday with representatives of banks, exchange companies, and domestic money transfer companies contracted with global transfer networks, including “MoneyGram,” “Western Union,” and others. During the meeting, it was emphasized that remittances would be delivered in Syrian pounds at a balanced average exchange rate between the exchange rate issued by the Syrian Central Bank and the rate announced on the parallel market.
Central Bank: Priority Is Now Exchange Rate Stability
The official said the Syrian Central Bank’s current priority is not to support the Syrian pound to lower the dollar’s value against it, but to achieve stability in the Syrian pound’s exchange rate against foreign currencies.
The source reassured citizens that “the financial indicators at the Syrian Central Bank are promising and call for optimism, and will contribute to lowering the dollar exchange rate against the pound to a level close to the exchange rate announced in the official bulletin,” according to him.
Remittance Delivery in Pounds Creates Four Exchange Rates
After reports spread that foreign remittances would be delivered in Syrian pounds, and after the Syrian Central Bank denied that information, markets experienced confusion and discomfort, according to Enab Baladi’s monitoring, because there were four exchange rates for the Syrian pound against the dollar.
Fuel was sold on Wednesday at an exchange rate of 13,200 Syrian pounds, while the remittance exchange rate was set at 12,750 Syrian pounds, and the dollar exchange rate at exchange companies was 12,850 Syrian pounds.
Meanwhile, the Central Bank of Syria continued to set the official exchange rate of the pound against the US dollar at 11,000 for selling and 11,100 for buying.
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