Syria Nears Establishing Correspondent Banking Account With Turkey

Governor of the Central Bank of Syria, Abdulkader Husrieh, said Syria is in the final stages of establishing a correspondent banking relationship with the Central Bank of Turkey.

The two sides are also set to discuss a possible currency swap arrangement aimed at boosting trade, Husrieh told Reuters today, Friday, April 10.

The governor said Syrian-Turkish cooperation is expected to expand to include integrated payment systems, cross-border settlements, and more organized trade finance frameworks.

Turkey’s state-owned Ziraat Bank and the private lender Aktif Bank are also expected to launch operations in Syria soon, according to Husrieh.

Ziraat Bank is Turkey’s largest state-owned bank. Founded in 1863, it provides comprehensive banking services to 38 million customers, including commercial and personal loans, and has a broad international presence.

Aktif Bank is one of Turkey’s private banks. It offers a wide range of services to its clients and has a broad presence across Turkey.

Rising exports require a stronger financial system

Official data showed a sharp increase in Turkish exports to Syria, as the two countries seek to expand bilateral trade.

According to Husrieh, that ambition will require a fully functioning financial system in Syria, backed by strong correspondent banking relationships.

Meanwhile, the Syrian Ministry of Economy and Industry’s Authority for the Development and Support of Local Production and Exports said it held a meeting with the Turkish Exporters Assembly on April 9 to discuss launching a new phase of direct export cooperation between the two countries.

The two sides focused on moving from coordination to genuine export integration, while benefiting from the Turkish experience as an advanced model in export management.

Participants stressed the importance of building direct links between exporters to help accelerate trade flows, in addition to removing technical and logistical obstacles hindering the movement of goods between the two sides.

The authority said this direction falls within a broader vision aimed at reopening foreign markets, restoring confidence in Syrian products, and turning current challenges into real and sustainable growth opportunities.

It added that the next phase will rely on effective institutional partnerships rather than individual initiatives, helping Syria regain its natural role as a regional center for production and exports. The meeting was attended by several figures from the economic and export sectors.

Exports rose 69% in 2025

Turkish exports to Syria increased by 69% in 2025 compared with 2024.

Exports reached $2.56 billion in 2025, up from $1.54 billion in 2024, according to figures reported by Turkey’s Anadolu Agency on January 23.

The highest growth was recorded in grains, pulses, oilseeds, and processed products, which rose by 35.4%, totaling $700.076 million in that sector alone.

The chemicals and chemical derivatives sector ranked second, with exports worth $299.084 million, followed by electricity and electronics in third place at $224.311 million.

Jalal Kaduoglu, head of the Syria trade desk at the Turkish Exporters Assembly, told Anadolu at the time that the rise in exports to Syria was not the result of isolated developments, but rather a systematic effort sustained throughout the year.

In his words, 2025 was a year in which Syrian-Turkish trade relations were built on a more predictable, more institutionalized, and more sustainable basis.

The Turkish market responded to the needs communicated by Syria in cooperation with the relevant authorities, Kaduoglu added.

He believes the volume of Turkish exports shows that the Syrian market now extends beyond trade relations between the two countries’ border provinces to include production centers across Turkey.

An “exaggerated” step

Academics and economic experts considered the increase in Turkish exports to Syria an “exaggerated” step that poses a clear threat to Syrian products and negatively affects Syria’s trade balance.

Economist and banking expert Ibrahim Qushji previously told Enab Baladi that the rise in Turkish exports to Syria is not merely a matter of trade, but reflects a structural shift in the nature of the Syrian economy.

He said the Syrian economy has come to rely almost entirely on imports to secure production requirements, from raw materials and industrial equipment to spare parts and software.

The abundance of Turkish products and their continued visible flow into Syrian markets, including food products such as basic food items, meat, and canned goods, as well as industrial products of various kinds, especially clothing, glassware, and industrial machinery, has amounted to an “invasion” of the Syrian market, in his words.

Threat to businesses and rising local production costs

Dr. Ibrahim Qushji summarized the impact of these imports on local products and Syrian businesses in two main points:

First, dual dependency. Local producers face not only competition from finished Turkish goods, but also rely on Turkish imports for production inputs, leaving them exposed to price fluctuations and Turkish trade policies.

Second, a threat to small enterprises. Rising local production costs, compared with the lower cost of Turkish products, place Syrian businesses in a weak position, especially in the absence of sufficient government support.

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