Syria is in the final stages of establishing a correspondent bank account with neighboring Türkiye's central bank and will also discuss a potential currency swap aimed at boosting trade, according to the Syrian central bank chief.
Türkiye has been the main backer of the Syrian government of President Ahmed al-Sharaa since the ousting of longtime dictator Bashar Assad in late 2024. Al-Sharaa has been seeking to rebuild state institutions and the economy after more than a decade of war, sanctions and financial isolation.
Trade between the two countries has surged, but businesses say the lack of a cross-border payments system was one of the biggest impediments to further growth and investment. A correspondent bank account would help to facilitate cross-border payments and trade finance transactions, which traders say are currently cash only and handled by traditional money transfer offices.
In written responses to Reuters questions, Abdulkader Husrieh, Syria's central bank governor, said he expected Syrian-Turkish cooperation to expand "into integrated payment systems, cross-border settlements, and more structured trade finance frameworks."
"Cooperation with Türkiye, particularly between the Central Bank of Syria and Turkish authorities, is accelerating and becoming increasingly institutionalized," said Husrieh, who was on a two-day working visit to Türkiye this week.
On Tuesday, Turkish Trade Minister Ömer Bolat said Türkiye and Syria were accelerating cooperation between their central banks, adding that Syria's central bank governor would meet Turkish banking regulators.
Bolat said closer banking ties and the entry of Turkish lenders into Syria could help boost trade and industrial investment.
Turkish state lender Ziraat Bank and smaller private Aktif Bank were also expected to begin Syrian operations "in the near term," Husrieh said.
Both banks have submitted applications and their officials said operations are expected to start soon.
Business leaders this week said restoring banking services and resolving customs and logistics issues would be key to increasing bilateral trade.
Türkiye's exports to Syria jumped following Assad's ouster by 60% to $3.5 billion last year, official data show, while Syria's imports were at $235 million. The countries aim to almost triple trade volume to $10 billion over the medium term.
"This ambition will require a fully functioning financial system in Syria, supported by strong correspondent banking relationships," Husrieh said.
