Turkey and Russia Against Dollar Officially Agrees! – After repeated explanations Turkey and Russia during the past few years, cross-border payments in rubles and signed an agreement to increase the use pounds. Turkey, Russia's central bank and international telecommunications protocol used by spfs'y designed as an alternative to SWIFT (Financial Messaging System) has signed to join.

Turkey, Russia's ruble-based SWIFT joined the alternative

Although SWIFT is an international cooperative company, it has more than 10,000 banks worldwide. The security of the network was compromised by a total of $ 101 million from the Central Bank of Bangladesh as a result of a series of cyber attacks in 2015 and 2016. For the first time since the launch of SWIFT, hackers have raised doubts about the security of the system, and many US competitors, including Russia, have stepped up their work on SWIFT alternatives.

In addition, Turkey and Russia, including the use of the ruble and yuan in bilateral trade agreements were signed to strengthen trade between the two countries. For China, the volume of bilateral trade with Russia rose from $ 69.6 billion in 2016 to $ 107.1 billion last year. China is Russia's largest import and export partner. In addition to Turkey, China and Russia, the two sides a greater percentage of the ruble and signed agreements, including the placing of the renminbi trade to promote trade between the two countries. According to Reuters, Russian Finance Minister Anton Siluanov, he said in a statement on Tuesday announced that it has signed an agreement on trade in their national currencies with Turkey.

Russia and Turkey will increase the use of national currency

The agreement, signed on 4 October, will encourage the two countries to start using Russia's system in mutual settlements. Signed agreement between the two countries gradually increased the use of rubles and pounds in trade between the recorded. The agreement envisions the strengthening of Turkish banks and companies SWIFT to connect to the Russian version of the payment system and also in Turkey MasterCard and VISA alternatively designed by Moscow Rus Mar card infrastructure to allow them to work. In a statement made by the Russian Ministry of Finance, the following statements were made:

In order to increase the level of liquidity in national currencies, the instruments of Russian and Turkish issuers will be developed in the national markets of the two countries. The signing of the agreement between Russia and Turkey mutually beneficial and is an important step for the further expansion and development of fair trade and economic cooperation.

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