Syria Nears Final Stage of Correspondent Banking Deal with Turkey to Boost Trade

Syria is in the final stages of establishing a correspondent banking account with Turkey, in a step that could significantly enhance bilateral trade and signal a broader economic rapprochement between the two neighbors.

Governor of the Central Bank of Syria, Abdelkader Husriya, confirmed that discussions are nearing completion with the Central Bank of the Republic of Turkey to activate correspondent banking mechanisms, an essential tool for facilitating cross-border financial transactions.

Husriya noted that both sides are also exploring the possibility of a currency swap arrangement aimed at strengthening trade flows and reducing reliance on external currencies.

According to remarks reported by Reuters, the Syrian official highlighted that cooperation between Damascus and Ankara is accelerating and becoming increasingly institutionalized. Future collaboration is expected to expand into integrated payment systems, cross-border settlements, and more structured trade finance frameworks.

He added that Turkish lenders, including state-owned Ziraat Bank and private-sector Aktif Bank, are likely to begin operations in Syria in the near future, another indicator of deepening economic engagement.

However, Husriya stressed that realizing these ambitions will require a fully functional domestic financial system in Syria, supported by strong correspondent banking relationships with international partners.

The announcement follows recent discussions at the Syrian-Turkish Joint Economic and Trade Committee (JETCO) meeting and a business forum held in Istanbul, where officials emphasized the importance of modernizing financial infrastructure.

Husriya underscored the need to expand electronic payment systems, develop advanced financial networks, and facilitate smoother cross-border transactions. Strengthening correspondent banking ties between Syrian and Turkish institutions, he said, will play a central role in boosting trade and advancing regional economic integration.

He also highlighted the central bank’s focus on fostering innovation in financial technology (FinTech), aiming to improve service efficiency and promote financial inclusion within a stable regulatory framework that serves the shared interests of both countries.