Syria and Turkey near deal on correspondent bank accounts

Syria is nearing the finalization of a correspondent bank account agreement with the central bank of Turkey, a move designed to formalize financial ties and facilitate a potential currency swap to boost bilateral trade. Following the ousting of Bashar al-Assad in late 2024, the new Syrian government under President Ahmed al-Sharaa has focused on rebuilding state institutions and the national economy after more than a decade of war and financial isolation.

While trade between the two nations has surged recently, the lack of a structured cross-border payment system has been cited by businesses as a significant barrier to growth. Currently, most transactions are conducted in cash through traditional money transfer offices. Syrian Central Bank Governor AbdulKader AlHussrieh stated that the establishment of correspondent accounts would allow for more integrated payment systems and structured trade finance frameworks.