Damascus, August 25 (QNA) - Governor of the Central Bank of Syria Safwat Raslan said the US decision to remove Syria from the list of state sponsors of terrorism represents a significant development in the legal and economic environment surrounding the Syrian financial sector. 
He said the move could lay the groundwork for a new phase of rebuilding banking and financial relations with international institutions and create conditions for the gradual return of the Syrian banking sector to cross-border financial transactions.
In an exclusive statement to Qatar News Agency (QNA), Raslan said the significance of the decision is reflected practically in the potential to expand channels of cooperation with international banks and financial institutions and develop correspondent banking relations, supporting trade and remittances, financing import and export operations, and enhancing the banking sector's ability to serve economic activity.
He added that the decision could have a positive impact on remittances from Syrians abroad once the necessary legal, technical and compliance requirements are met by the relevant parties. 
At the same time, he stressed that the removal from the list does not automatically mean that all restrictions facing the Syrian financial sector have been lifted or that international banking relations will resume immediately.
He explained that the Syrian banking sector still faces legal, regulatory, technical and commercial requirements, in addition to compliance requirements imposed by international financial institutions and correspondent banks, noting that the Central Bank of Syria is addressing these requirements through a gradual and carefully structured process.
Raslan said the priority in the next phase is to strengthen the readiness of the Syrian banking sector, develop regulatory and supervisory frameworks, enhance the efficiency of compliance and risk-management systems, and reinforce measures to combat money laundering and terrorist financing. This also includes upgrading technological infrastructure and payment and transfer systems to strengthen confidence in the soundness of the Syrian financial system.
He noted that the Central Bank of Syria is simultaneously working to develop banking and financial cooperation channels with regional and international institutions and create the necessary environment to rebuild correspondent banking relationships and expand financial services, enabling the Syrian economy to gradually capitalize on the opportunities emerging from the new phase.
The Governor of the Central Bank of Syria also told QNA that a banking sector capable of conducting financial transactions efficiently and transparently is a fundamental component of building an attractive investment environment. 
He said the objective extends beyond restoring banking relations to building a more efficient, transparent and reliable financial system capable of supporting capital flows, trade and investment.
Raslan stressed that translating the political and legal development into tangible economic outcomes requires sustained institutional efforts and coordination among various national entities, alongside cooperation with regional and international financial institutions. 
He said the Central Bank of Syria views the current phase as an opportunity to rebuild the financial sector on modern foundations, strengthen its capacity to serve the national economy, and gradually integrate it into the global financial system. (QNA)