Syria has announced plans to launch the Damascus Market for Foreign Exchange and Gold, a move aimed at strengthening its monetary policy and enhancing financial stability.

According to Governor of the Central Bank of Syria Abdulkader Husrieh, this initiative is part of a broader strategy designed to create a balanced and transparent exchange market.

The World Bank has highlighted that Syria's public financial management systems remain severely constrained after years of conflict, with limited fiscal space, weakened revenue collection, and fragmented institutional capacity continuing to undermine economic stability.

The international financial institution noted in a March report that strengthening transparency, accountability, and digital financial systems is central to rebuilding core state functions and restoring confidence in economic governance.

Husrieh described the foreign exchange market as a pivotal step in advancing monetary policy and enhancing financial stability.

He explained that the electronic market, established for the first time in Syria according to international standards, aims to regulate trading operations and unify price references, reducing distortions and accurately reflecting supply and demand forces.

The governor also stated that the market will enhance transparency by providing reliable data and continuous updates, supporting market confidence, and reducing unregulated speculation.

The platform is part of a package of measures to restructure the foreign exchange market and related financial professions, with the Central Bank remaining committed to its comprehensive strategy to support broader economic recovery.

Syria has recently begun a currency reform process, including the gradual withdrawal of old Syrian banknotes and the issuance of redesigned currency under a CBS-led timetable.

The measures, such as removing two zeros from the currency, aim to restore confidence in the monetary system after years of severe depreciation.