DUBAI, Dec 4 (Reuters) – Visa said on Thursday that it plans to launch operations in Syria, following an agreement with Syria’s central bank on a roadmap to develop a digital payments ecosystem, according to a company statement.
“The immediate focus will be on working with licensed financial institutions to develop a robust and secure payments foundation. This includes issuing payment cards and enabling digital wallets using global standards,” Visa said.
In November, the International Monetary Fund visited Damascus and said it will provide technical assistance on financial sector regulation, the rehabilitation of payment and banking systems and rebuilding the central bank’s capacity to effectively implement monetary policy for low and stable inflation and supervision of the banking system.
Syrian banks were largely isolated from the global financial system during the civil war, after President Bashar al-Assad’s crackdown on anti-government protests in 2011 prompted Western states to impose sweeping sanctions, including measures against the central bank.
Assad was ousted in an offensive by Islamist-led rebels last year, and the interim government has since moved to restore international ties. Those efforts culminated in a May meeting in Riyadh between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by Sharaa’s visit last month to the White House.
Washington has since eased significant parts of its sanctions program. European governments have announced the end of their own economic sanctions on Syria.
(Reporting by Tala Ramadan; Editing by Toby Chopra and Rod Nickel)
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