The Central Bank of Syria has a new governor, but his credentials are thin

The Central Bank of Syria (CBS) has a new governor. President Ahmed Al Sharaa appointed Safwat Raslan (LinkedIn) as the head of the CBS, replacing Abdulkader Husrieh, who becomes Syria’s ambassador to Canada. Raslan was most recently the first director general of the Syrian Development Fund (SDYF), a donation-based fund founded in the summer of 2025 to mobilize capital for reconstruction.

Like Husrieh, Raslan’s career was interrupted by more than a decade of civil war, but there’s no escaping the reality that his credentials as a central banker are thin. The new governor comes from a banking and consulting background, having worked as a young banker in Syria from 2002 to 2014 before migrating to Germany, where he consulted for EY, among other jobs. Raslan’s most senior leadership role to date is the ten months he spent running the year-old SDF.

SOUND SMART- Central bank governors usually arrive with a particular kind of CV: The standard profile is an economist — often with a doctorate in monetary economics — who has risen through a central bank’s policy ranks, run a finance ministry or debt-management office, or held a senior post at the IMF, the World Bank, or the upper reaches of a major commercial or investment bank. The job demands command of monetary policy, exchange-rate and reserves management, and banking supervision, and the governor's own track record is itself part of how a fragile currency and banking system earn credibility with foreign counterparties.

Why it matters so much: Raslan is CBS’ third governor in less than two years, and he’s taking on the role as Al Sharaa’s administration is pushing ahead with a demanding and highly watched financial reform program. Syria is trying to rebuild a war-shattered banking system, reconnect to global payment networks, and convince foreign investors and businesses alike that the institution managing its currency and reserves is technically credible. A governor whose track record is in credit administration rather than monetary policy raises an obvious question: Who, in practice, sets and defends policy?

What to watch: Husrieh started a push to formalize currency exchange, reform the weak SYP, and reconnect banks to the global Visa and Mastercard payments systems. Also worth watching is the Qatar-funded, World Bank-backed financial sector assessment that the US-based consulting firm Oliver Wyman is currently conducting for the CBS.

Syria is in a tight spot: Raslan’s appointment fits a pattern in post-conflict transitions, where new governments reach for diaspora returnees and trusted insiders rather than orthodox officials. And as Egypt and other “societies in transition” across the region found after 2011, competent execs are often reluctant to serve in messy situations. Raslan deserves credit for stepping up — the question is whether he has the chops (and credibility with the international community) to deliver.

GO DEEPER- We had a long look at Syria’s banking industry earlier this month.

MEANWHILE- Raslan’s appointment came as part of a wider government shuffle that began a week ago when President Ahmed Al Sharaa replaced several top officials, including removing his own brother from his role as secretary-general of the president’s office.

The SYDF announced its first allocation on Raslan’s last day on the job, disbursing USD 15 mn to support recovery efforts in education, healthcare, economic recovery, and rubble removal. The funds will contribute to the safe return of displaced Syrians and to improving basic services, the SYDF said in a statement.