Introduction:
The Syrian political scene has witnessed radical changes in recent years with the fall of the defunct regime and the paving the way for a new transformative phase, characterized by the lifting of international sanctions and the easing of external economic pressures. One of the most prominent economic milestones in this phase is the banking transformation, which was manifested in the Central Bank of Syria joining the SWIFT system and transferring the first bank transfers through this system, which contributed to the restoration of liquidity and enhanced confidence among local and international investors.
This article focuses on analyzing the financial crisis, the essence of which is the scarcity of liquidity and its associated structural implications for the Syrian economic system. It uses philosophical reading to critically analyze the crisis, coupled with an understanding of the social and political symbolism of this transformation, as the crisis is an opportunity to reformulate the standards of economic justice and wealth distribution after a period of strict political discrimination.
The article seeks to answer two main questions:
１- How have the political and economic transformations resulting from the fall of Assad and the lifting of sanctions affected the reconfiguration of financial relations in Syria?
２- What role do philosophical concepts play in outlining structural reform paths to enhance liquidity and achieve sustainable growth?
Theoretical framework:
The theoretical framework of the article focuses on the concepts of monetary and structural criticism in the face of the economic crises witnessed by the world, with a focus on Syria’s experience during the transitional period after the fall of the previous regime. Traditional economic theories, such as the Keynesian theory of government intervention and liquidity redistribution, and structuralist theories emphasize the need to reform political and administrative mechanisms to ensure the sustainability of economic growth.
On the other hand, philosophical theories offer a critical view of the economic crisis not only as a purely financial issue, but also as a social and political phenomenon that involves notions of justice, freedom, and the fair distribution of power.
Economic philosophers such as Karl Marx and John R. Keynes, as well as contemporary thinkers, have addressed the idea that crises, despite their severity, turn into opportunities to renew the relationship between the state and society, as they reconsider the principles on which traditional economic systems are based, and believe that adopting radical structural reforms is a necessary step to rebuild societal and financial trust.
Here, the importance of lifting sanctions is attributed to opening the way for reform policies that were unable to be implemented under severe external restrictions. These restrictions exacerbated the liquidity crisis and pale economic structures. With the Central Bank of Syria’s entry into the SWIFT system and the transfer of the first bank transfer, there are signs that the old crisis can be overcome and enter a phase of transitional growth, although this step itself requires a re-evaluation of institutional and political goals.
Combining these theories helps in understanding the dynamic relationship between the economic crisis and political transformations, enabling a holistic reading based on philosophical critical tools to analyze the internal relations in the Syrian financial system and show how structural factors and ethical norms can open new horizons for economic reform.
Practical analysis of the Syrian economic situation after the political transformations:
First: The political and economic context after the fall of Assad:
The Syrian political landscape underwent a radical change after the fall of the regime, which was constrained by a form of authoritarianism, leading to structural shifts in both the political system and economic institutions.
This phase opened the door to wide-ranging political reforms, including the lifting of international sanctions that hindered access to global financial markets. This change contributed to a climate of hope that new reform mechanisms could be launched to revitalize the financial system and alleviate the effects of the scarce liquidity that prevailed under the previous restrictions.
In addition, the removal of sanctions led to the liberalization of financial relations with international banking institutions, which contributed to the rehabilitation of the local financial system and attracted new investments that had been halted for many years.
These changes have had a significant impact on market and citizen sentiment as signs of stabilization began to emerge after a long period of stagnation and unpredictable fluctuations.
II: The lifting of sanctions and its impact on liquidity:
The lifting of sanctions is an important turning point that improved the Syrian economy’s access to international financial resources, leading to increased liquidity in the banking system. Studies have concluded that the lifting of external restrictions contributed to the re-establishment of cross-border money flows, allowing local banks to obtain new cash reserves and develop means to ease the financial burden on the country’s vital sectors.
High levels of liquidity over time have contributed to the reorganization of commodity prices and an attempt to stabilize the exchange rate of the local currency, although structural challenges remain and require deeper structural reforms. Hence the importance of linking reform and social policies to balance markets and secure the needs of citizens who have long suffered from the effects of economic austerity.
Third: The Central Bank of Syria joins SWIFT and transfers the first wire transfer:
The Central Bank of Syria has made a historic decision to join the SWIFT system, which is the main window for international financial communication. The transfer of the first bank transfer through this system is a positive step that signals the beginning of a new chapter in the Syrian financial system. This achievement is not only a sign of the international community’s recognition of the reforms, but also opens new horizons for dealing with international financial transactions with better transparency and efficiency.
In practice, the Central Bank of Syria’s entry into the SWIFT system has improved the exchange of financial information and enhanced the country’s ability to track international banking transactions, helping to prevent money laundering and secure investments.
This achievement also proved that the Syrian financial system can develop in parallel with global experiences in the field of digitization and banking transformation, which constitutes a starting point for improving financial services and raising the level of confidence among internal and external investors.
The biggest challenge is to turn these positive goods – the lifting of sanctions and the central bank’s involvement in SWIFT – into comprehensive reform solutions that address the inherent structural aspects of the Syrian economy, ensuring sustainable and inclusive growth that benefits all segments of society.
A Philosophical Reading of Syria’s Economic Transformation:
A philosophical analysis of the Syrian economic crisis goes beyond a technical assessment of cash flows to get to the root of the issue, seeing it as a reflection of internal conflicts and deep shifts in the state’s identity and social relations.
After the fall of the former regime and the lifting of international sanctions, there was an opportunity to reframe economic principles on new foundations that dealt with the concepts of freedom and social justice in a more transparent manner.
Philosophical thinkers believe that economic crises, no matter how severe, represent an opportunity to reconsider systems of power and resource distribution. The Syrian experience shows that structural reform is not just a change in fiscal policies, but a comprehensive transformation that redraws relations between the state and the citizen. In this context, the Central Bank’s entry into the SWIFT system can be read as a symbol of the transition to a more open financial system that is responsive to the requirements of the digital age, providing an opportunity to rebuild trust on scientific and monetary foundations in which the manifestations of financial monopoly are reduced.
Philosophical analyses emphasize that this transition should be studied not only as an economic front, but also as a cultural and political turning point that is a platform for redistributing wealth and power in a way that achieves social equality. The lifting of sanctions and the integration of the Central Bank into international financial systems can be seen as initial steps to move the Syrian economy away from a rigid centralized model towards one based on transparency, accountability, and active popular participation in decision-making.
According to this view, the current crisis spurs a reassessment of many ideas tied to notions of centralized control, becoming an open invitation to implement radical structural reforms that adopt a more comprehensive approach that integrates economic critical analysis with a philosophical vision of justice and economic freedom.
Discussion and interpretation:
From all of the above, it is clear that the transitional phase initiated by the fall of the old regime and the lifting of sanctions constitutes a starting point for structural reforms that can pave the way for new economic stability. These steps succeeded in restoring the flow of liquidity and providing a more attractive environment for international investments, which contributed to temporarily improving financial performance indicators, although many structural challenges remain that require in-depth reform.
The link between economic and philosophical analysis highlights the need to adopt an integrated reform vision that addresses the liquidity dilemma by redistributing resources and power in a way that ensures social justice and minimizes class differences. While there are positive indicators such as the Central Bank of Syria’s entry into the SWIFT system and the transfer of the first bank transfer, the real success lies in capitalizing on these achievements to impose structural changes that ensure the sustainability of liquidity and achieve balanced economic growth.
Some comparative studies indicate that reform models that have been successful in other countries, if accompanied by changes in legal and institutional frameworks, have proven their usefulness in enhancing transparency and attracting investments. With this in mind, policymakers in Syria should take into account similar international experiences and seek to create an environment that allows the financial system to move from stagnation to a dynamic phase based on community participation and good governance.
In light of these facts, there is a need to restructure the Syrian economic system so that the liquidity crisis is not seen as a purely technical failure, but rather as a systemic imbalance that needs comprehensive reforms that include modernizing financial mechanisms and redistributing economic power, which is closely linked to the political and social changes that followed the fall of Assad.
The interdependence between politics and economics at this stage is key to understanding the dynamics of economic transformation, as decisions made at the political level become an influential factor in the flow of liquidity and structural reform that stabilizes the system.
The public and private sectors must join hands in drawing a reform roadmap that ensures the transformation of initial experiences into strategic steps that enable the Syrian economy to compete internationally and provide an environment conducive to sustainable growth.
Conclusion:
The current political transformations in Syria after the fall of the old regime and the lifting of sanctions have opened wide prospects for rebuilding the economy on new foundations based on justice and transparency. Therefore, achieving closure in the liquidity gap, which has long plagued the Syrian financial system, has become possible through strategic reform steps such as the integration of the Central Bank into the SWIFT system, which indicates the beginning of a new chapter in the history of the Syrian economy.
However, these achievements do not represent the end of the road, but rather a transitional stage facing deep structural challenges that require a comprehensive modernization of the financial and political system. It is necessary to exploit these experiences to turn the crisis into a real opportunity for economic and social renewal by adopting structural reform that combines economic efficiency with the philosophical principles of justice and freedom. Policy makers and researchers must work together to draw a future scenario based on community participation and transparency in decision-making to ensure that the Syrian economy moves from a state of stagnation to a phase of sustainable developmental activity.
In conclusion, it appears that the crisis witnessed by the Syrian economy is not only a financial challenge, but a call to rethink the foundations of the economic and political system, relying on a critical philosophical vision that redistributes power and wealth to ensure stability and new hope for citizens.
Overcoming these challenges requires more in-depth research and future studies that keep pace with the rapid changes in the financial and business world, paving the way towards achieving a more inclusive and equitable economy.
