In September, Putin mentioned in a phone conversation with Erdogan that there is an emerging trend of using national currencies in settlements between the two countries and the decreasing share of transactions in dollars and euros. Erdogan also stressed the importance of transitioning to rubles and lira in bilateral relations.
"This issue [the use of national currencies in trade] is a priority. I think the leaders will certainly address it. Mr. President [Recep Tayyip Erdogan] also gives this issue great importance," the source said.
In December 2023, reserve currencies weakened their position in Turkiye's trade, with their share falling to its lowest level since 2016. Meanwhile, national currencies increased: for instance, the ruble reached its highest level since 2020, increasing 1.5 times, according to Turkish statistical data previously calculated by Sputnik.