section_path: Policies/Economic reforms
section_name: Economic reforms
paragraph_text: Economic reforms
  
  The Minister for Economy and Foreign Trade Basil Abdul Hannan stated that there were plans to shift from a rather state-controlled economic model towards a stronger free-market model and liberalization of import-export controls. Registration with the Damascus Chambers of Commerce would be considered sufficient authorization to import goods, and the previously required approvals and permissions from the Central Bank of Syria (CBS) would no longer be needed. Business leaders interviewed by Reuters described the promised changes as encouraging. The government stated that reconstruction investment was a priority, with civil war damage estimated in the tens of billions of US dollars. A source from the central bank and two commercial bank sources, speaking with Reuters, said that on 10 December, banks would reopen and that staff had been asked to return. In late January 2025, Basel Abdul Hannan also stated that the Interim Government was planning a shift to a "competitive free-market economy" through the abolition of regulations, mass privatization of state-owned companies and public sector cuts. The changes, described as encouraging investment and fighting corruption, were met with protests from people who feared a "sectarian jobs purge".
  
  The Minister for Oil and Mineral Resources told employees to return to work the same day, with Deutsche Welle stating that the ministry had added "protection would be provided to ensure their safety".
  
  The Minister for Transport said that Syrian airspace would be reopened to air traffic and added that it would announce the resumption of Damascus and Aleppo international airports. On 16 December the Central Bank abolished the pre-existing import financing platform and announced that importers could finance the import of materials through their sources if they did not conflict with domestic and international money-laundering laws. The CBS said importers no longer needed to visit the bank or obtain approval for importing goods and notified that exports no longer required obtaining a prior "export pledge". That week it was reported that the Syrian pound had appreciated against foreign currencies; reaching 10,000 Syrian pounds to the United States dollar in some areas due to the return of displaced people in northern regions and diaspora, leading to increased amounts of foreign currency inflows. This resulted in the prices of commodities, including foodstuffs, decreasing. The Central Bank of Syria raised the buying exchange rate to 15,000 Syrian pounds to the United States dollar, 15,760.50 pounds to the Euro, and 428.97 pounds to the Turkish lira. On 18 December the CBS said that ATM and electronic payment services were resumed, and directed banks to monitor withdrawal operations for what it said were temporary measures.