Syrian Central Bank vows to protect deposits amid regime collapse

Syria’s Central Bank moved Monday to calm market fears by guaranteeing the safety of citizens’ deposits, following the dramatic fall of the Assad regime amidst a lightning opposition offensive that captured Damascus.

“Banks and financial institutions will continue operating as usual,” the Central Bank announced via Facebook, according to the Anadolu Agency, as the country grappled with its most significant political upheaval since the civil war began in 2011.

The announcement came just hours after President Bashar al-Assad and his family fled to Moscow, where Russian officials confirmed they had been granted asylum. The regime’s collapse Sunday followed a swift 10-day campaign by opposition forces, supported by defecting military units, that swept through key cities before seizing the capital.

The banking reassurance followed a pattern seen in other regional political upheavals, where financial authorities rush to prevent bank runs and maintain economic stability during power transitions. The fighting had initially erupted on 27 November with clashes between regime forces and anti-government groups in rural areas west of Aleppo.

Syria’s banking sector, already strained by 13 years of civil war and international sanctions, faces significant challenges as the country enters an uncertain transition period. The opposition has yet to detail its plans for maintaining financial stability or managing the central bank during the formation of an interim government.

Financial experts note that protecting bank deposits will be crucial for maintaining public confidence and preventing economic chaos as Syria enters this new phase. The Central Bank’s statement suggests that, at least for now, the basic financial infrastructure remains intact despite the regime change.