Syria restores credit card payments in effort to rejoin the global economy
Syria has reactivated payments through international credit cards. The step is seen as a turning point in efforts to reconnect the country's economy to the global financial system.
Commercial banks in Syria said they have completed the technical integration with international card networks and have reactivated credit card payments. The change will be rolled out gradually, starting with hotels, restaurants and retail.
The country had been largely cut off from international card systems for around a decade due to sanctions and financial isolation. Officials of the transitional government said recent diplomatic openings were now reflected in the financial field.
International observers stressed that more time is needed to gauge how Syria's return to the global financial system will affect the investment climate. Local businesses expect that the rollout of card payments could accelerate any pickup in tourist arrivals.
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