Sanctions on Syrian Banks Stifle Investment Recovery, Officials Say

Western sanctions on Syria's banking sector are severely hindering essential investments needed for economic recovery, according to Ayman Hamawiye, head of the Syrian Investment Agency. Despite a surge of interest from Syrian and foreign investors, the sanctions primarily affect the Syrian people, exacerbating their suffering. Hamawiye noted that he receives numerous inquiries daily about potential projects, but the ongoing restrictions on the banking system make it difficult to facilitate these investments. Although the U.S. issued a six-month waiver allowing some financial transfers and the EU is considering easing sanctions, the central bank remains under strict sanctions, isolating Syria from the international financial system. Investors are forced to rely on informal methods for transactions, complicating the investment landscape. Officials emphasize the necessity of lifting these sanctions to promote growth and alleviate the burdens on the Syrian population.