Turkish Forum

Tag: Lira

  • Turkey, Turkmenistan agree to trade in national currencies

    Turkey, Turkmenistan agree to trade in national currencies

    TurkmenistanManat + TurkeyLiraTurkey and Turkmenistan have agreed to use their national currencies in their bilateral commercial deals, Turkey’s economy minister said Monday.

    Speaking in a meeting of the Turkish-Turkmen Inter-governments Joint Economic Committee, Zafer Caglayan said the use of national currencies would begin once central banks of the two countries made necessary arrangements.

    Caglayan said Turkey was pleased with Turkmen government’s attitude towards Turkish construction companies which he said had won 90 per cent of government tenders in construction projects.

    Caglayan said Turkish contractors had carried out construction projects worth of 3.2bn dollars in Turkmenistan, adding that Turkey was also willing to help Turkmenistan transport its vast natural resources to Europe.

    Anatolia news agency, 30 Jan 12

  • Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade

    Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade

    Russia and Turkey discussed ways to boost the use of the ruble and the lira in bilateral trade.

    Central bank and government officials from the two countries met in Moscow Sept. 26-Sept. 28 to consider “proposals on possible ways to increase settlements in the national currencies and measures needed to broaden interbank cooperation,” Bank Rossii said today in a statement on its website. Policy makers asked commercial banks to help them study the most promising industries for trade to shift to the ruble and lira, according to the statement.

    Russia has sought to bolster the use of the ruble and other emerging-market alternatives to the dollar in trade, including through the so-called BRICS group of Brazil, Russia, India, China and South Africa. Central bankers met officials in Brasilia in August and agreed that using the ruble and real in trade was more “appropriate” than the dollar.

    Russia and Turkey traded $17.46 billion of goods in the first seven months of 2011, 26 percent higher than a year earlier, according to Russia’s customs service. Turkey accounted for about 3.8 percent of Russian trade, down from 4.1 percent in the same period last year, customs data show.

    To contact the reporter on this story: Scott Rose in Moscow at rrose10@bloomberg.net

    To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

    via Russia, Turkey Discuss Use of Ruble and Lira in Bilateral Trade – Bloomberg.