As Turkey continues to struggle with massive inflation of nearly 80 percent, President Recep Tayyip Erdogan apparently wants to use Russia to support the economy. After recently agreeing closer cooperation with Russian President Vladimir Putin, the Russian payment system “Mir” is now being introduced in the country – mainly to attract more tourists.
As the financial agency Bloomberg reported, five Turkish banks are already working on “Mir” In the future, this should enable Russian citizens to make transfers, pay by credit card and use ATMs in Turkey.
Recently, this was only possible to a limited extent because Russian banks were largely barred from international payment transactions by Western sanctions.
Russians as a tourist engine?
First and foremost, using the Russian payment system should have a positive effect on tourism, which is so important to Turkey. The Turkish tourism industry, which has been hit by the lack of visitors caused by the corona pandemic for the past two years, had hoped for a strong recovery this year. Most foreign tourists come from Russia – last year there were about 4.7 million.
However, the attack on Ukraine greatly restricted travel to Turkey from Russia. Originally reckoned with seven million Russians, only three million visitors are expected this year, the deputy chairman of the Turkish Hotel Association explained in May.
Erdogan fights for political survival
In return, Turkey wants to pay part of its gas supplies in future rubles. By 2021, Turkey will buy about a quarter of the crude oil it needs and about 45 percent of the natural gas it needs from Russia.
Turkey is in an enormous economic crisis and is suffering from the enormously high inflation that comes with it. President Erdogan, in particular, has recently come under pressure as a result – after new elections are scheduled in less than a year, he is fighting for his political survival using the new partnership.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
