Bank of Russia and Central Bank of Turkey discuss cooperation prospects
Russia and Turkey held the tenth meeting of the Russian-Turkish Working Group on Financial and Banking Cooperation to discuss the issues of interbank cooperation between the two states. The meeting was attended by the representatives of the Russian Federation Trade Mission to the Republic of Turkey, Analytical Credit Rating Agency (Joint Stock Company), National Payment Card System Joint Stock Company, the Ministry of Trade of the Republic of Turkey, and Turk Eximbank.
Specifically, the parties agreed to survey commercial banks in the two states providing services for trade and economic cooperation and identify barriers hindering the bilateral development. The participants in the meeting also discussed the possibility for Turkish credit institutions to connect to the Bank of Russia’s financial messaging system and emphasised the important role of the two central banks in promoting the successful development of the project for processing Mir cards. In the course of the event, the parties shared their experience in combating cyber attacks and discussed the possibility for signing an agreement in this area between the central banks of the two countries.
A special focus was put on a broader usage of the national currencies in the bilateral trade and the creation of incentives and conditions that would promote this usage. The central banks of the two countries supported the initiative to carry out an event in the near future aimed at raising market participants’ awareness about the benefits of using the national currencies in mutual settlements.