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Russia and Turkey Agree on Using National Currencies in Mutual Settlements

© AFP 2023 / OZAN KOSEAn exchange office worker counts Turkish lira banknotes in Istanbul on June 8, 2015
An exchange office worker counts Turkish lira banknotes in Istanbul on June 8, 2015 - Sputnik International
The Russian Finance Ministry and the Turkish Ministry of Treasury and Finance have signed an agreement on settlements and payments in national currencies, the Russian Ministry of Finance said.

"An agreement was signed between the government of Russia and the Turkish government on settlements and payments, aimed at expanding and strengthening interbank interaction, as well as ensuring uninterrupted payments between business entities within Russia and Turkey," the statement said.

The ministry said Moscow and Ankara agreed to connect Turkish banks and companies to the Russian analogue of SWIFT and to expand the acceptance of Russian Mir cards in Turkey.

The main goal of preparing the document is to increase and gradually switch to the use of national currencies (Russian rubles and Turkish lira) for settlements between the two countries, create the appropriate infrastructure for the financial market, and increase the attractiveness of the national currencies for companies, the ministry said.

To increase liquidity, Russian and Turkish issuers will develop instruments for issuing debt securities in the markets of the two countries.

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