The volume of trade in dollars and euros greatly exceeds trade in all other currencies in the world, said Georgy Ostapkovich, director of the HSE (Higher School of Economics) Center for Market Research, the Russian bureau of Report informs.

“As economic history shows, the main thing when trading in the national currency is that the volume of exports and imports be approximately comparable. Then it makes sense to trade in the same currencies, because next time the countries will pay in rubles or lira. When trading in the national currency one country prevails over another, it is unprofitable and, as a rule, then the countries trade in an equivalent currency,” he said, commenting on recent reports of an agreement on trade in rubles between Russia and Turkiye.

According to the economist, the use of the national currency facilitates trade, since there is no need to resort to complex banking tools, transfer and convert to dollars and vice versa, and also transfer funds through correspondent banks with the US.

Ostapkovich noted that trade in the national currency will not help strengthen the national economy: “Trade in liras and rubles can only be between Russia and Turkiye, but if we want to use this money to buy some goods in other countries, then this trade will not help us, because international trade in dollars and euros is superior to all other currencies.”

The Russian expert stressed that the project with Russia will not save the Turkish economy either, since trade with Moscow is insignificant. “The Turkish economy can only be saved by the country’s government itself, trade with Russia is a penny, and there will be no impact on the Turkish economy. To improve the economy, Ankara needs an entrepreneurial climate, the right monetary and financial policy,” the expert said.