Turkish economies: Türkiye and Russia could use gold in trades
Turkish economist Taylan Büyükşahin suggested using gold instead of the dollar in trade dealings between Russia and Türkiye, given the West’s attempts to undermine economic cooperation between the two countries.
Büyükşahin, editor-in-chief of the Turkish economic news website tclira.com, explained that the central banks of both countries can use gold to determine the value of the Russian ruble and Turkish lira in transactions.
He pointed out that international sanctions have led to the cessation of the use of Russian payment systems in Türkiye, which calls for an effective solution to the payment problems between the two countries.
He stressed that paying with gold may be a useful solution during the sanctions period, as the Russian ruble and Turkish lira are still not trading backwards in both countries.
Büyükşahin added that there is mutual mistrust that must be overcome, as Russian tourists can spend rubles in Türkiye but hotels and merchants don’t accept it, and the situation is similar in Russia for the Turkish lira.
The Turkish economist concluded by stressing that the use of gold in trade transactions between Russia and Türkiye can be a sustainable and effective option under the current conditions of tensions and sanctions.
