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Turkey-Russia Trade Turnover Hits Alltime Highs

TURKEY
  • The Turkish trade minister this weekend disclosed that Russia and Turkey have "drastically" increased the use of local currencies in mutual trade settlements, with Turkish exports to Russia priced in TRY up close to 400%, while Turkish imports from Russia in TRY have grown 150%. This coincided with trade turnover hitting an alltime high of $68bln.
  • Erdogan chairs a party meeting later today, with local focus on visit this week from a top US Treasury official, who is set to discuss sanctions on Russia as well as activity around Hamas. Bloomberg cites sources in reporting that the US will request Turkish assistance in closing sanctions.
  • Data highlights this week include GDP stats on Thursday ahead of manufacturing PMI on December.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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