Syria issues first documentary letter of credit

The Central Bank of Syria issued its first letter of credit in 14 years to facilitate a fuel supply deal between the Syrian Petroleum Company and Saudi Aramco. This step comes after the lifting of US sanctions and the removal of Syria from the list of state sponsors of terrorism. It represents a development in Damascus's efforts to regain access to international banking channels, as coordination has been made with a major American bank to enable the financing of oil imports and payment settlements through the official banking system.

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