Turkey and Syria have agreed to allow Turkish banks to establish operations in Syria, with regulators drafting the rules needed to implement the plan, Turkish Trade Minister Ömer Bolat said Tuesday.
“We are in agreement on Turkish banks opening in Syria, and work on the relevant legislation is underway,” Bolat said at a business summit in the southeastern Turkish city of Gaziantep.
Bolat did not name the banks that would receive permission or provide a date for the start of operations.
State-owned Ziraat Bank and privately owned Aktif Bank were seeking to establish a presence in Syria and had submitted applications as of April, Reuters reported at the time.
The entry of Turkish banks could help companies process payments, finance trade and invest in Syria, where years of conflict and international sanctions left much of the banking system isolated from foreign markets.
Bolat also said Turkey and Syria were discussing the printing of Syria’s national currency, although he did not explain what role Turkey might play in the process.
“Contacts are continuing regarding the printing of Syria’s national currency,” he said.
Syria has been working on plans to replace or redesign its currency as the government of President Ahmed al-Sharaa seeks to rebuild state institutions following the fall of Bashar al-Assad in December 2024.
Bolat spoke during the Anadolu Agency City Economies Summit, which brought Turkish and Syrian officials and business representatives together to discuss trade between Gaziantep and the northern Syrian city of Aleppo.
He said Turkey and Syria aimed to raise annual bilateral trade to $10 billion in the early 2030s.
Trade between the two countries reached $3.7 billion in 2025, according to figures Bolat announced at a joint economic commission meeting in April.
The two governments have also discussed a free trade agreement, customs procedures, transport routes and cooperation in agriculture, food production, textiles and machinery.
Bolat said Turkey had completed preparations for the opening of the İslahiye customs gate and was working with Syrian officials to begin operations.
The banking plan comes after the United States and the European Union lifted broad economic sanctions imposed on Syria during Assad’s rule, removing one of the main obstacles to foreign investment and cross-border financial services.
The United States ended its comprehensive Syria sanctions program in July 2025, and Congress repealed the Caesar Act in December, removing the threat of mandatory sanctions against foreign companies engaged in many transactions with the Syrian government.
The European Union lifted its economic sanctions on Syria in May 2025 and restored full application of its cooperation agreement with Damascus in May 2026.
Syrian Economy and Industry Minister Mohammad Nidal al-Shaar, who attended the Gaziantep meeting, described Turkey as a partner in Syria’s economic recovery.
Turkey has sought to expand trade, transport and institutional ties with Syria since Assad was ousted by opposition forces led by al-Sharaa, who later became president.