MOSCOW (Sputnik) — Russia and Turkey encounter no legislative and technical obstacles for using national currencies in bilateral trade, but all depends on the economic expediency and expanding trade relations between the two countries, the Bank of Russia said Wednesday.

“There are no legislative and technical obstacles for carrying out payments in the national currencies between residents of Russia and Turkey.

There is no need to conclude for this purpose a separate agreement between the two central banks,” the bank’s press service told RIA Novosti.

Balanced and diversified trade between the two countries as well as the economic expediency are main preconditions for increasing demand in transactions in national currencies, the press service added.

Earlier in the day, Turkish Prime Minister Binali Yildirim told Sputnik that the central banks of Russia and Turkey had begun work on technical aspects of using national currencies in bilateral trade.

Read more: https://sputniknews.com/russia/201612071048271069-russia-turkey-currencies-payment/