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
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