The Moscow Stock Exchange has launched trading in the Turkish Lira, Turkish media reported.
The Moscow Exchange said that around 1.5 million rubles (around $ 26,000) were traded as of the first day.
Igor Marich, who oversees the bourse’s money and derivatives markets, said the expansion of tools for the forex market would provide new opportunities for investment firms and bank customers who deal with foreign trade operations between Russia and Turkey.
He added that in 2017 the foreign trade volume between Russia and Turkey rose 40 percent and surpassed $20 billion. “The development of direct purchases of Russian rubles and Turkish Liras on the foreign exchange market will encourage the growth of the role of national currencies in mutual agreements,” he said.
Turkey expects the annual trade growth with Russia would be 35 percent by 2020, Turkey’s Minister of Economy Nihat Zeybekci said earlier.
The countries would aspire using national currencies in settlements, but the minister said it would not be possible however to use national currencies 100%.