Istanbul- With Syria entering a new phase of political and economic transformations, Ankara opens the door to redrawing the financial scene in Syria, making its expertise in building a modern banking system based on digital and open services.
This proposal comes at a time when Syria faces an unprecedented economic crisis, as the new government seeks to rebuild its financial institutions from scratch amid complex internal and external pressures. While Damascus is looking for rapid and effective alternatives, the Turkish experience emerges as a model that may shorten decades of restructuring, and pave the way for a digital banking system capable of absorbing future transformations and advancing economic recovery.
Last week, the director of the financial office in the Turkish presidency, Gokal Ashan, said that the Syrian government can benefit from the Turkish experience in this field, noting that adopting a model similar to the Turkish financial system may shorten decades of development to only a few years.
Ashan explained that the transition to a digital financial system will allow Syria to achieve a qualitative leap within 3 to 5 years, instead of 20 years, if traditional methods are adopted.
He also pointed out that this model can be implemented at low costs and lower human resources, which is commensurate with the current situation that witnesses the migration of a large number of Syrian financial competencies.
The Turkish official stressed that Ankara can play a major role in this financial transformation in line with the directives of Turkish President Recep Tayyip Erdogan, which reflects a strategic dimension of this offer, and opens the door to questions about the nature of potential financial cooperation between the two countries and the future of Turkish economic influence in new Syria.
Difficult
After more than a decade of war and bad economic administration, the Syrian economy faces unprecedented challenges. According to the report of the ESCWA and UNCTAD organizations issued last January, achieving a complete recovery of the economy may take until 2041, even in the best scenarios.
Corruption, international sanctions, and the collapse of the infrastructure led to a decline in GDP to less than 50% of what it was before the war, while 12 million Syrians suffer from food insecurity, according to the World Food Program.
With the fall of the Baath regime, the transitional government faces a stifling financial crisis, as the budget of the previous regime for the year 2025 did not include any plans for reconstruction, nor did it reflect the new reality of the country after political change. In light of the foggy of revenue, the current administration depends heavily on external aid, which is an unsustainable option in the long run.
The government has taken new economic decisions, such as lifting customs, reducing the number of government employees, and the privatization of some public companies, and although these policies aim to stimulate the economy and reduce the financial deficit, they face social and political obstacles.
While the European Union has suspended some sanctions imposed on Syria, US sanctions still hinder foreign investment, which increases the complexity of reconstruction and development efforts.
Success requirements
The researcher in international relations believes that talking about the establishment of a new banking system in Syria cannot be realistic before achieving economic and political stability in the country, noting that any efforts in this framework must be based on a solid economic base.
The concern states – in an interview with Al -Jazeera Net – that the implementation of a banking system in Syria by taking advantage of Turkish experiences is not complicated, given that banking systems around the world are similar in their structure and work mechanisms, which allows the possibility of financial integration between Syria and other countries.
However, it confirms that the absence of financial infrastructure in Syria is a major challenge to implementing such a step, as the country has not witnessed a real development in the financial markets sector during the past decades.
In his opinion, Syria’s benefit from Turkey’s experiences in building a new financial system may be a positive step, but it indicates that there are other countries such as Saudi Arabia, the UAE and Qatar have advanced experiences in the financial markets, and it can have a pivotal role in establishing a strong infrastructure for the Syrian financial markets.
The concern stresses that the implementation of this project successfully requires the availability of several conditions, most notably:
- International recognition of the new Syrian government, especially by the United States, is a basic factor in attracting investments and raising the imposed financial restrictions.
- Achieving internal political and security stability, as any financial system needs a stable environment to ensure the continuity of financial and economic transactions.
- The clarity of the shape of the Syrian economy in the next stage, as talking about a free and competitive economy means that the markets will be ready to receive new investments, which may enhance financial trading and market movement.
- The stability of the Syrian currency and raising its value, as the presence of a stable currency is a basic condition for any sustainable financial activity, especially with regard to financial markets and banking transactions.
The concern confirms that the success of any financial reform in Syria cannot be isolated from these factors, stressing that any step towards rebuilding the financial system should be part of a comprehensive economic reform that guarantees sustainable growth and long -term stability.
Opportunities and challenges
For his part, economic researcher Mustafa Akoch believes that the Turkish offer carries two complementary dimensions, as it is on the one hand an opportunity for Syria to benefit from Turkey, which has a sophisticated digital banking sector in building a modern financial structure, and on the other hand, part of the Ankara strategy to enhance its economic influence in the region.
In his opinion, the US sanctions imposed on Syria may hinder the implementation of this cooperation, as global banking systems depend on the US dollar and financial institutions, which makes any new Syrian bank vulnerable to financial isolation.
Akoch added – in an interview with Al -Jazeera Net – that Türkiye may try to circumvent these sanctions by integrating Syria into regional financial systems or the adoption of the Turkish lira in bilateral transactions, but these solutions do not completely cancel the impact of the sanctions.
The researcher in the Turkish economy concludes that the success of any financial cooperation between Ankara and Damascus depends on the extent of the latter’s ability to achieve an economic balance without falling into economic dependency on any party, especially in light of the continued Western pressure.
