Türkiye, Syria sign central bank deal for lira deposit account

Türkiye and Syria have expanded their financial cooperation after their central banks signed an agreement allowing the Central Bank of Syria to establish a Turkish lira deposit account at the Central Bank of the Republic of Türkiye. The agreement represents a new stage in bilateral financial relations between the neighboring countries.

Agreement signed by central bank governors

The accord was signed on Wednesday by Central Bank of the Republic of Türkiye Governor Fatih Karahan and Syrian Central Bank Governor Mohammad Safwat Raslan, according to an official statement released by Türkiye's central bank.

The agreement authorizes the Syrian central bank to maintain a Turkish lira deposit account within Türkiye's central banking system. Officials did not disclose further information regarding the account's operational framework or any additional financial arrangements linked to the deal.

Financial cooperation expands

The latest agreement comes as Türkiye and Syria continue to explore mechanisms for strengthening economic and institutional cooperation. Central bank agreements of this nature can facilitate financial transactions and support broader economic engagement between neighboring countries.

While the Turkish central bank confirmed the signing of the agreement, it did not announce a timetable for implementation or provide details on the expected scale of future cooperation under the framework.