24/7 CUSTOMER SERVICE +90 553 541 21 21

Turkey and Russia signed an agreement on settlements in national currencies

Transfer Direction

Airport

Transfer Point

Passengers

Passengers
CONTINUE

Baby/Child Seat

 

HOMEPAGEBLOGTurkey and Russia signed an agreement on settlements in national currencies
Turkey and Russia signed an agreement on settlements in national currencies

Turkey and Russia signed an agreement on settlements in national currencies

Turkey and Russia recently signed an important agreement on settlements and payments in national currencies, as well as on expanding and strengthening interbank cooperation. This agreement is of great importance for both countries as well as their economic partners.

The essence of the agreement

The agreement between Turkey and Russia provides for financial transactions, such as settlements and payments, to be conducted in national currencies - the Turkish lira and the Russian ruble. This means that companies and organizations engaged in foreign economic activities between the two countries will now be able to carry out their financial transactions, bypassing the dollar, which has traditionally been used in international settlements.

Advantages of using national currencies

Using national currencies instead of the dollar can bring a number of benefits to both countries. First, it reduces dependence on foreign currencies and allows for greater financial independence. Second, it contributes to the development of local currency markets and strengthens economic ties between Turkey and Russia.

Objectives of the agreement

The purpose of this agreement is to strengthen economic relations between Turkey and Russia and to create a favorable environment for the development of foreign trade transactions and investments.

Imports and exports between Turkey and Russia

The signing of the agreement on settlement in national currencies is important for the import and export of goods and services between Turkey and Russia.

Trade in goods and services

Turkey and Russia are important trade partners. The signing of the agreement on the use of national currencies in settlements contributes to the increase of trade between the two countries as it simplifies and reduces the cost of financial transactions.

Positive aspects of the agreement for business

For businesses, it means reduced currency risks and more transparent conditions for cooperation. Companies can now conduct their operations without having to convert funds into dollars, which reduces costs and risks.

Impact on financial relations

The agreement on settlements in national currencies also has an impact on financial relations between Turkey and Russia.

Reducing dependence on the dollar

Traditionally, international financial transactions have been conducted in US dollars. However, the situation is changing and countries increasingly prefer to use their national currencies for settlements, which reduces dependence on the dollar and its impact on the global economy.

Reducing currency risks

The use of national currencies in settlements also helps to reduce currency risks associated with fluctuations in exchange rates. This makes financial transactions more predictable and stable for businesses.

Implications for markets

Signing an agreement to settle in national currencies has major implications for financial markets.

Economic impact

This agreement may affect the exchange rates of the national currencies of Turkey and Russia, as well as the global currency markets. The establishment of direct financial ties between the two countries may lead to a change in the dynamics of global financial relations.

Market Development Prospects

One of the results of this agreement may be the development of local currency markets in Turkey and Russia. This will create new opportunities for investors and entrepreneurs and contribute to financial stability in the region.

The role of interbank cooperation

Increased interbank interaction also plays an important role in the agreement between Turkey and Russia.

Improving financial stability

Cooperation between banks in both countries contributes to improving financial stability and enhancing the reliability of financial transactions. This creates a favorable environment for business development and investment.

Reducing transaction costs

The use of national currencies in settlements between banks also reduces the costs of financial transactions and simplifies the transaction process.

Forecasts and prospects

The signing of the agreement on settlements in national currencies opens new perspectives for cooperation between Turkey and Russia.

Increase in trade volumes

The use of national currencies in settlements between Turkey and Russia is expected to increase the volume of trade between the two countries. This creates new business opportunities and contributes to economic growth.

Strengthening economic ties

The signing of the agreement is a step towards strengthening economic ties between Turkey and Russia. This contributes to the development of both economies and strengthens the position of both countries on the world stage.

Responding to sanctions and external pressures

The signing of the agreement on settlements in national currencies is also a response to sanctions and external pressures.

Strengthening cooperation

Turkey and Russia have decided to strengthen their cooperation in response to sanctions and external pressures. This allows both countries to diversify their economic ties and reduce their dependence on foreign markets.

Diversification of economic ties

Utilization

Translated with DeepL.com (free version)

FOLLOW US
Don't forget to follow us on social media sites
TÜRSAB
WhatsAppViber