Central Banks of Turkey and Russia Set Currency Rules
Ankara, Feb 17 (Prensa Latina) The Central Banks of Turkey and Russia prepare a mechanism destined to trade rules of their respective national currencies, without using a third currency in the exchange as the U.S. dollar, explained today president of the Denizbank, Hakan Ates.
The project is in its final stage and will serve to finance local enterprises that admit Lires or Roubles, in their transactions with clients or suppliers, in case of possible changes in the value of their respective currencies.
At the beginning of December, the president of Turkey, Recep Tayyip Erdogan, announced that the payment of trade operations with Russia, China and Iran will be done in local currencies, receiving a quick and positive response from Moscow.
One of the first sectors to carry out this idea in Turkey was that of tourism, for which Denizbank, owned by the Sberbank of Russia, is playing an important role by contributing three billion dollars in credits to the enterprises of the sector.
Besuides the Turkish bank expends from its windows roubles and attendance in Russian for tourists from that country, who in turn can use their currencyh for booking tourism services and pauyments in the companies participating in the project.
As Ates said, the respective enterprises doubled the volumen of their reserves since this type of operations began and considered that applying it in a big scale 'the trade volume among both countries could double and even triple'.
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