UAE and Syria Central Banks Sign Memorandum to Deepen Financial Co-operation

On 2 October 2026, the Central Bank of the UAE signed an agreement with the Central Bank of Syria to strengthen co-operation between the two institutions. The agreement was signed by the UAE central bank governor, Khaled Balama, and his Syrian counterpart, Mohammad Raslan. The agreement covers payment systems, monetary policy, cash management and financial technology. It also extends to climate risk management, sustainable finance, financial inclusion and credit information systems. Mr Balama described the agreement as an important step that serves as a foundation for practical and sustainable avenues of co-operation in support of financial stability. On the same occasion, the UAE central bank signed separate agreements with Morocco's central bank, Bank Al-Maghrib. The agreement follows Syria's economic reopening after the change of government in December 2024 and the removal of Western sanctions during 2025. For companies investing in or trading with Syria, closer ties between central banks may over time support improvements in payment and banking channels, although the memorandum does not itself change the rules that apply to businesses. Source: The National, 2 October 2026.