29.10.2024, 08:41
The analyst reported on Turkey's new problem in trade with Russia
Source: OREANDA-NEWS
OREANDA-NEWS Turkish exporters are faced with the problem of currency exchange differences when trading with Russia, the central banks of the two countries could apply a fixed exchange rate regime, Turkish economic columnist Mustafa Recep Ercin said in an interview with RIA Novosti.
During the talks between the leaders of Turkey and the Russian Federation on the sidelines of the BRICS summit in Kazan, Turkish President Recep Tayyip Erdogan said that the relevant departments of the two countries are working to solve problems with banking transactions. Turkey and Russia, as a diplomatic source in the Turkish capital told RIA Novosti, are negotiating to solve the problem of bank transfers, not all the details of the parties prefer to disclose.
"Bank transfers between Turkey and Russia are carried out through Emlak Katılım Bank. However, there is a problem here, since trading is conducted in lira and rubles, the exchange rate difference between the currencies of the two countries is determined more than in the market. In fact, if the central banks of the two countries apply a fixed exchange rate regime from a certain period, it will be beneficial for the currencies of the two countries," the analyst said.
According to him, due to delays in payment for the supply of products carried out by Russian companies from Turkey to Russia, similar problems arise.
"Again, problems with payments have become more frequent for Turkish companies operating in Russia and for Turkish companies shipping products to Russia. Of course, since trading in national currencies is a new and slowly gaining momentum system, I believe that the occurrence of a number of problems is normal, and over time the system will become more voluminous and workable by eliminating them. Because it is clear from the message of the President of the Republic of Turkey Recep Tayyip Erdogan on this issue that there is a desire to increase trade in local currencies, that is, in national currencies. In this matter, Turkey can take an example from both the trade of China and Russia, as well as from the trade of India and Russia, the trade of these countries increased after the conflict in Ukraine," the analyst stressed.
During the talks between the leaders of Turkey and the Russian Federation on the sidelines of the BRICS summit in Kazan, Turkish President Recep Tayyip Erdogan said that the relevant departments of the two countries are working to solve problems with banking transactions. Turkey and Russia, as a diplomatic source in the Turkish capital told RIA Novosti, are negotiating to solve the problem of bank transfers, not all the details of the parties prefer to disclose.
"Bank transfers between Turkey and Russia are carried out through Emlak Katılım Bank. However, there is a problem here, since trading is conducted in lira and rubles, the exchange rate difference between the currencies of the two countries is determined more than in the market. In fact, if the central banks of the two countries apply a fixed exchange rate regime from a certain period, it will be beneficial for the currencies of the two countries," the analyst said.
According to him, due to delays in payment for the supply of products carried out by Russian companies from Turkey to Russia, similar problems arise.
"Again, problems with payments have become more frequent for Turkish companies operating in Russia and for Turkish companies shipping products to Russia. Of course, since trading in national currencies is a new and slowly gaining momentum system, I believe that the occurrence of a number of problems is normal, and over time the system will become more voluminous and workable by eliminating them. Because it is clear from the message of the President of the Republic of Turkey Recep Tayyip Erdogan on this issue that there is a desire to increase trade in local currencies, that is, in national currencies. In this matter, Turkey can take an example from both the trade of China and Russia, as well as from the trade of India and Russia, the trade of these countries increased after the conflict in Ukraine," the analyst stressed.
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