Türkiye and Syria Move Toward Banking Deal as Payment Talks Advance
By Bosphorus News Economy Desk
Syria is moving toward establishing a formal banking channel with Türkiye in a step that could change how trade between the two countries is conducted, according to statements from Syrian monetary authorities and recent reporting on the talks.
The governor of the Central Bank of Syria said the institution is in the final phase of setting up a correspondent banking relationship with the Turkish central bank. He also said the two sides will discuss a possible currency swap aimed at supporting bilateral trade. That puts the process well beyond political signaling and into the mechanics of how payments would actually move between the two economies.
The push follows a longer sequence of technical and regulatory contacts. Syrian state media said a delegation from the Turkish central bank visited Syria in July 2025 and discussed technical support, restoring correspondent banking ties, payment systems, financial stability and regulatory coordination. Reuters reported this week that cooperation between the two central banks has intensified further and that Syria's central bank governor was expected to meet Turkish banking regulators.
That matters because much of the trade between Türkiye and Syria still moves through cash and informal transfer channels rather than a functioning cross border payment system. A correspondent banking channel would give both sides a formal route for settlements and would remove one of the main practical obstacles to scaling up trade.
The banking track is widening at the same time. Reuters reported on April 7 that Ziraat Bank and Aktif Bank were pursuing entry into the Syrian market and had already submitted applications, with plans to launch operations soon. The report also said business representatives viewed restored banking services, along with customs and logistics improvements, as essential to deepening economic ties.
Trade is already moving in that direction. Syrian state media said bilateral trade stood at about $3.7 billion and that both sides were targeting $10 billion in the medium term. Reuters separately reported that the banking push sits within a broader effort to expand trade and industrial investment between the two countries.
The regulatory side is also unusually prominent. Syrian state media said the talks included coordination with Turkish banking supervisors and cooperation with MASAK on anti money laundering and counter terrorism financing standards, along with discussions on integrated payment systems, cross border clearing and a possible Syria Türkiye financial forum. That gives the process a more institutional character than a simple trade facilitation package.
Some of the sharpest questions will come from what this means for the structure of the Syrian economy itself. As Turkish goods, finance and banking channels gain ground, the relationship is no longer defined only by trucks crossing the border or diplomatic contact between officials. It is increasingly being shaped by who provides the systems that let trade clear, payments settle and commercial life move through formal channels.