The central banks of Syria and the United Arab Emirates signed a new memorandum of understanding on Tuesday to expand banking ties between the two countries.
The document was signed by Safwat Reslan, governor of the Central Bank of Syria, and Khalid Mohammed al-Balmasi, governor of the Central Bank of the United Arab Emirates. The memorandum covers financial, regulatory and technical cooperation in financial and banking activities of mutual interest to the two countries.
Areas covered by the memorandum
The two central banks will cooperate in the areas of payment systems, monetary policy and financial technologies. The document also covers sustainable finance, financial inclusion and consumer protection.
The Central Bank of Syria said the cooperation aims to develop the banking sector and improve its efficiency. The bank said the memorandum would strengthen the sector’s ability to adapt to regional and international requirements and developments.
The Central Bank of Syria described the signed document as a new step toward expanding banking cooperation between Syria and the United Arab Emirates.
Financial cooperation discussed in January
Damascus and Abu Dhabi discussed ways to advance cooperation in the financial and banking sectors in January. The discussions addressed leveraging the United Arab Emirates’ experience in digital transformation and financial services, as well as investment opportunities in Syria’s financial sector.
The Central Bank of Syria has increased its external contacts in recent weeks to revive banking relations. Its engagement with international financial institutions covers payment systems, banking operations and regulatory cooperation.
