Turkey and Russia agreed to trade in local currencies

Treasury and Finance Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed an agreement last week on using local currencies in payments and settlements between the two countries, the Russian finance ministry said.

The agreement, signed on Oct. 4, aimed at gradually switching to using the ruble and the lira in mutual settlements. Within the scope of the agreement, commercial institutions’ demand for two currencies will raised. And a proper finance structure will established.

The agreement envisages connecting Turkish banks and companies to the Russian version of SWIFT payment system, while enhancing the infrastructure in Turkey that would allow using the Russian Mir cards, create as alternative to MasterCard and VISA.

Parties will also develop debt securities for Russian and Turkish exporters. This agreement – a significant step for increasing fair trade and economic cooperation between two countries.

According to Daily Sabah