Russia expects its Mir payment system to be used throughout Turkey in the near future, Alexander Novak, the Russian energy minister, announced on Friday
MOSCOW (Pakistan Point News / Sputnik - 26th July, 2019) Russia expects its Mir payment system to be used throughout Turkey in the near future, Alexander Novak, the Russian energy minister, announced on Friday.
He made his remarks while participating in the 20th joint session of the Russia-Turkey and Turkey-Russia business Councils in Antalya, which started on Wednesday and will conclude later in the day.
"Right now, the [Mir payment] cards are accepted within Isbank's entire network. We expect the work of our countries' regulators to result in the use of this payment tool in other banks throughout the country soon," Novak said.
Novak's intentions correspond with Turkish Trade Minister Ruhsar Pekcan's expectations of increasing the use of Turkey's lira in bilateral trade. According to Pekcan, 11 percent of payments in the lira are made for exports to Russia, while only 0.5 percent for Russian exports to Turkey.
In recent years, Russia has introduced the System for Transfer of Financial Messages, its own financial transfer system for banks, and the Mir payment system, a national system for credit and debit cards. It has also been working with some of its partners, like China, to reduce payments in the US Dollar, opting for national currencies instead. The expansion of the Mir payment system in Turkey could be another major step toward providing a considerable alternative to the current international financial and trade institutions.
