Turkey and Russia signed an agreement on settlements in national currencies


Turkey and Russia signed an agreement on settlements and payments in national currencies, as well as on expanding and strengthening interbank cooperation. This is stated in the message of the Ministry of Finance of the Russian Federation.

On the Russian side, the agreement was signed by First Deputy Prime Minister, Finance Minister Anton Siluanov, and on the Turkish side by Treasury and Finance Minister Berat Albayrak.

The main purpose of the document is to increase and gradually switch to the use of national currencies (ruble and lira) in settlements between the two countries, create an appropriate financial market infrastructure and increase the attractiveness of national currencies for economic entities of the Russian Federation and Turkey.

The agreement also provides for further expansion of the infrastructure for accepting Russian MIR cards in Turkey and the connection of Turkish banks and companies to the Russian equivalent of SWIFT — the Bank of Russia's Financial message transmission system (SPFS). At the same time, the countries intend to organize the interaction of national systems for the transmission of financial messages with the subsequent possibility of connecting to these systems of other countries, the report says.

To increase the level of liquidity provision in national currencies, instruments for issuing debt securities by Russian and Turkish issuers on the national markets of the two countries will be developed.

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