Syria's economic turmoil worsened in 2019 when neighbouring Lebanon, with which it has extensive economic and financial ties, also descended into crisis. Damascus then introduced a plethora of exchange rates for different transactions to safeguard scarce hard currency.

But the country must also modernise monetary policy, rewire banking and reconnect with global markets, argues Abdulkader Husrieh

In a partial policy shift, the US has eased some sanctions on Syria, allowing humanitarian aid, remittances, and limited civil sector activity.

Turkish companies and banks will benefit from a lifting of U.S. sanctions on Syria, Onur Genc, chief executive officer of financial group BBVA said on Wednesday.