RUSSIA AND TURKEY INKED AN AGREEMENT TOWARDS THE USE OF LOCAL CURRENCY AGAINST DOLLAR




Selin ATAY-TDO-Russia and Turkey are reducing the dollarization in payments in the local currency of the deal the two countries signed a memorandum of Turkish Lira and increasing the use formalize rubles.

According to the statement of the Russian Ministry of Finance, Treasury and Finance Minister Berat Albayrak and Russian Finance Minister Anton Siluanov, inked an agreement on the use of domestic currencies in the payment and agreements between the two countries.

The treaty aims to use domestic currencies in the calculations between the two countries, to create an appropriate financial market and to increase the attractiveness of local currencies for domestic institutions.

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, designed by Moscow as alternative to MasterCard and VISA.

The agreement, on the other hand, aims to co-operate on the interaction of the national payment systems of the two countries and the possibility of further integration into these systems.

In line with the treaty, it is also desirable to support the expansion of the use of correspondent bank accounts to increase transactions between the two parties.