Central Bank of Syria Launches Digital Platform to Overhaul Foreign Exchange and Gold Trading

The Central Bank of Syria has announced plans to launch the Damascus Market for Foreign Exchange and Gold, a digital platform designed to regulate trading, stabilize the national currency, and increase financial transparency. The move is a significant step in the country’s efforts to restructure its financial markets after years of instability.

Quick Facts

• First-of-its-kind digital trading platform in Syria.
• Aims to unify pricing and curb unregulated speculation.
• Targets elimination of decades-old parallel black market.

A Push for Transparency and Stability

According to Central Bank Governor Abdulkader Husrieh, the initiative is a core part of a wider government strategy to establish a balanced and transparent exchange market, legally supported by Decision No. 189 of 2025. The platform aims to provide reliable data and continuous updates to build market confidence.

In a statement, Husrieh described the move as a “pivotal step in advancing monetary policy and strengthening financial stability.”

“This electronic market, which will be established for the first time in Syria according to international standards, aims to regulate trading operations and unify price references, thereby reducing distortions and accurately and transparently reflecting supply and demand forces,” he added.

Ending Decades of Parallel Markets

A primary objective of the new digital market is to eliminate the black market and other parallel trading systems that have operated alongside the official exchange for over seventy years. By creating a regulated, real-time trading environment, the central bank intends to sideline unregulated speculation and provide a single, reliable pricing benchmark for both foreign currency and gold.

The system will be managed through a modern digital platform with participation from entities that adhere to international standards, aiming to improve efficiency in both foreign exchange and gold trading.

Part of Broader Economic Reforms

This launch is part of a comprehensive package of measures to restructure Syria’s financial sector. The World Bank recently highlighted the country’s severely constrained public financial management systems, noting that strengthening transparency and digital financial systems is critical for rebuilding core state functions.

The initiative also aligns with Syria’s recent currency reforms, which include the gradual withdrawal of old banknotes and the issuance of redesigned currency. These efforts, which include removing two zeros from the currency, are aimed at restoring confidence in the monetary system after a long period of severe depreciation.

About the Damascus Market for Foreign Exchange and Gold

The Damascus Market for Foreign Exchange and Gold is an electronic trading platform launched by the Central Bank of Syria. It is designed to regulate currency and gold trading under international standards, provide transparent pricing based on real-time supply and demand, and unify the country’s exchange market.

Source: SANA