Thursday Apr 19, 201204:55 PM GMT
'Turkey to stop banking with Syria'
Turkish Foreign Minister Ahmet Davutoglu
Sun Nov 27, 2011 5:26PM
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Turkish sources say Ankara has decided to stop banking interactions with Damascus as part of efforts to put more pressure on the government of Syrian President Bashar al-Assad, Press TV reports.

According to the sources, the decision has been made after talks between Turkish Deputy Prime Minister Ali Babacan and Foreign Minister Ahmet Davutoglu, the Press TV correspondent in Ankara reported on Sunday.

The decision also includes a halt in money transfer between the two countries.

Foreign banks in Turkey have already stopped their interactions with Syria since August in line with sanctions adopted by the United States and the European Union against Damascus. All interactions have been reportedly carried out by Turkey's state-run banks.

The move comes as Turkey is considered as a major trade partner of Syria, as their bilateral trade's value had increased considerably over the past years. The value of trade between the two countries was USD 823 million in 2005, and it reached USD 2.5 billion in 2010.

Figures released by Turkish Statistics Institute (TurkStat) shows that the trade between the two countries has sharply plummeted this year. The value of trade between Turkey and Syria stood at USD 1.4 billion during the first ten months of 2011.

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