Russia and Turkey drastically expand use of national currencies in mutual settlements

ANKARA. Nov 27 (Interfax) - Russia and Turkey have drastically increased the use of their national currencies in mutual settlements, Turkish Trade Minister Omer Bolat, who also co-chairs the two countries' intergovernmental commission, told journalists on Saturday.

"The use of the Turkish lira and the [Russian] ruble in bilateral trade has been growing. Turkish exports to Russia in Turkish liras have risen by nearly 400%, while Turkish imports from Russia in liras have grown by almost 150%, and in rubles by 260%" Bolat said.

The two countries' trade turnover in the energy sector has declined slightly this year, because prices for energy products and commodities have gone down globally, the minister said.

"Trade turnover between Russia and Turkey reached an all-time high of $68 billion last year, but this year exports from Turkey may stand at $11 billion in monetary terms, and exports from Russia at $46 billion. In total, it is around $56 billion," he said.