Syria Launches Damascus Foreign Exchange and Gold Market to Curb Black Market
Syria launches the Damascus foreign exchange and gold market — an electronic platform to unify prices, boost transparency and curb black‑market trading.
The Central Bank of Syria announced the launch of the Damascus foreign exchange and gold market, introducing an electronic trading venue intended to centralize price formation and limit parallel market distortions. Governor Abdel Qader al-Hasisiya said the move, posted on his official Facebook page, implements the bank’s strategy to create a balanced and transparent exchange market. The new Damascus foreign exchange and gold market is described as the first platform of its kind in Syria to follow international standards.
Central Bank Announces New Market
The announcement came from Central Bank Governor Abdel Qader al-Hasisiya and frames the market as a pivotal step in monetary policy reform. Officials say the market will operate electronically to organize trading in foreign currency and gold and to provide a single reference for prices. The Central Bank presented the initiative as part of a broader strategy to restore confidence in financial markets and support macroeconomic stability.
Legal Basis and Government Backing
The bank linked the market’s creation to Cabinet decision number 189 of 2025, which provides the legal framework for the reform. Authorities indicated the measure is part of a package of actions to restructure the exchange sector and financial professions connected to foreign currency dealing. Government backing is being presented as essential to enforce new rules and to bring market participants into a regulated environment.
Platform Design and International Standards
According to the Central Bank, the Damascus foreign exchange and gold market will be managed on an electronic platform updated in line with international standards. Participation will be limited to parties committed to operating under those standards, with the goal of creating a modern trading environment that follows best global practices. The bank said the platform will publish continuous data feeds and price references to improve market information and operational efficiency.
Goals of Price Unification and Transparency
Central objectives for the platform include unifying price references, reducing distortions, and ensuring exchange rates reflect real-time supply and demand. Officials expect that a single, transparent price source will lower speculative trading and provide clearer signals for businesses and households. By publishing reliable market data, the bank aims to reinforce trust among market participants and support better monetary policy decision making.
Expected Impact on Black Market and Traders
Authorities argue the market will help curtail the black market and parallel currency platforms that have operated for decades, citing expectations that clearer pricing and regulated access will reduce informal trading. The Central Bank highlighted the intended effect on speculative activities, saying the platform should limit unregulated operations and introduce greater discipline. Traders and money exchange operators will be encouraged to migrate to the new market, subject to compliance requirements and oversight.
Implementation, Oversight and Economic Context
The launch is presented as part of a wider effort to support economic recovery by stabilizing the currency and restoring orderly market functioning. The Central Bank committed to continuing implementation of its comprehensive strategy and to supervising the market’s operation to ensure it aligns with policy objectives. Observers note that the initiative will require adequate liquidity, technical capacity, and enforcement to achieve the stated goals.
Skeptics and market participants will be watching for details on participation rules, transparency of order books, settlement mechanisms, and the timing of full operations. The success of the Damascus foreign exchange and gold market will depend on the degree of private sector engagement and the government’s capacity to enforce the new regulatory framework. The Central Bank’s announcement signals a major policy push to bring foreign exchange and gold trading into a regulated, transparent framework as Syria seeks to normalise financial markets and support longer-term recovery efforts.