Forex trading operates in a complex legal landscape in Syria, with the Central Bank of Syria (CBS) serving as the primary regulatory authority overseeing foreign currency transactions. While there is no explicit prohibition on forex trading for individuals, Syria's financial sector remains heavily regulated, particularly regarding foreign currency dealings (1). The CBS has established comprehensive regulations for licensed banks to handle foreign currency sales and transfers, indicating a structured approach to foreign exchange management.
Recent regulatory developments have significantly impacted Syria's foreign exchange environment. In early 2025, the Central Bank of Syria issued new decisions allowing licensed banks to sell foreign currency for both commercial and non-commercial purposes from their own resources (1). Additionally, in January 2024, Legislative Decrees No. 5 and No. 6 were issued, which generally prohibit dealing in currencies other than the Syrian pound for domestic transactions, though these primarily target local commerce rather than international forex trading (2).
"Licensed banks are allowed to sell foreign currency for commercial and non-commercial purposes from their own resources, including transfers from humanitarian organizations and personal transfers."
The regulatory framework suggests that while forex trading is not explicitly banned, Syrian residents must navigate international sanctions and domestic currency regulations. U.S. and EU sanctions on Syria have created additional complexities for international forex transactions, though recent sanctions relief measures have been introduced to support essential services (2). Syrian forex traders typically must work with international brokers that offer Islamic accounts, given the country's predominantly Muslim population and Islamic finance requirements.
Source:
https://english.enabbaladi.net/archives/2025/02/central-bank-of-syria-establishes-regulations-for-foreign-currency-sales/
https://ofac.treasury.gov/faqs/topic/1571
Last updated: 01-06-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
