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Syria's Central Bank Buys Oil with US Bank

Syria's Central Bank Buys Oil with US Bank

The Governor of the Central Bank of Syria, Dr. Sufwat Raslan, announced the implementation of the first documentary credit in 14 years to finance the import of petroleum derivatives into Syria, involving a major American bank. This move reflects a return of confidence and the reopening of banking channels that had remained closed for many years. He explained that the credit was arranged in coordination with the Syrian Petroleum Company to finance an import deal for petroleum products from Saudi Aramco. The objective is to facilitate payments through international banking channels and strengthen Syria’s foreign trade operations. This step marks the beginning of restoring trust in international financial institutions and will contribute to meeting the domestic market’s needs for petroleum derivatives, although details regarding the quantity or financial value have not been disclosed.

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