The use of local currencies in trade.

The use of local currencies lira and ruble has increased in mutual trade between Russia and Turkey.

For the past few years, countries have been promoting trade in their currencies by pushing the dollar aside. Among these countries, Russia, China, India, Brazil and Saudi Arabia are at the top. Remember that Russia, China, India and Brazil are members of the BRICS organization. These countries are preparing to launch a new currency from the BRICS platform. This new currency will soon hit the dollar.

Saudi Arabia and Russia are also accepting the local currencies of some countries for the sale of oil. This has also severely damaged the petro-dollar formula.

Seeing the situation, Turkey has started transactions with Russia in its own and Russian currency.the use of local currencies in trade amongst them arised in past years.

“Turkiye’s exports to Russia in the Turkish lira have grown by 400%, and Turkiye’s imports from Russia in the Lira have increased by almost 150%. Whereas the imports in the Rubals have gone by 260%.” Turkish trade minister Omer Bolat said at a meeting of Russia-Turkey intergovernmental commission on trade and cooperation.

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