Syrian Arab News Agency S A N A
Damascus, SANA-Economic academics believe that lifting sanctions constitutes a fundamental step toward setting the Syrian economy and its various sectors on the right track toward recovery and development. It would facilitate the inflow of foreign funds into Syrian banks, positively impacting the exchange rate of the Syrian pound and enabling the financing of reconstruction and development projects.
Dr. Ali Kanaan, Dean of the Faculty of Economics at Damascus University, stated to SANA that lifting the sanctions would have positive effects on the Syrian economy, foremost among them Syria’s reconnection to the global SWIFT transfer system. This would link Syrian banks with international financial institutions, allowing them to send and receive foreign transfers without the risk of rejection or legal consequences. Consequently, foreign investors could operate in Syria with the same ease as they do abroad, free from obstacles.
Dr. Kanaan also noted that this development would contribute to the return of international humanitarian organizations to their specialized activities, bringing in funds to support the programs they finance. Moreover, Syria would be able to secure international loans from institutions such as the World Bank and the International Monetary Fund to fund infrastructure projects across various sectors.
The dean further suggested that the revival of industrial and commercial activity and the entry into the reconstruction phase would lead to wage improvements, greater employment opportunities, and increased specialization. This, in turn, would reduce unemployment rates and raise the national income per capita.
For his part, Dr. Abdul Razzaq Hassani, Vice Dean for Academic Affairs at the Faculty of Economics, explained that the banking sector would experience a revival as a result of the smooth and easy flow of funds from abroad, which would boost foreign currency reserves in banks and enhance the Syrian pound’s exchange rate against the US dollar and other foreign currencies.
Regarding the need for legislative and economic policy frameworks aligned with the lifting of sanctions, Dr. Hassani pointed out that while good laws and decisions exist, they have often been misused. There is now a pressing need to amend some of these laws—particularly those related to investment—to keep pace with the positive economic shifts expected following the lifting of sanctions.
Meanwhile, Dr. Ahmad al-Saleh, a faculty member at Damascus University’s Faculty of Economics, stated that the decision by U.S. President Donald Trump would place the business and economic sectors on the path to recovery, reflecting positively on citizens’ lives.
He explained that the immediate effect of the decision has been a notable sense of hope and optimism among the citizens. In the medium and long term, the move would open up opportunities for both public and private sectors to effectively invest in human and material resources and expand the labor market.
Dr. al-Saleh also pointed out that lifting the sanctions would enable academic professionals to collaborate with international institutions and gain access to scientific references and research, thereby enhancing academic cooperation.
He affirmed that Syrian universities possess the qualified personnel and capabilities necessary for such international academic engagement.
Reem Safi/Ruaa al-Jazaeri
