Turkey may resume trade relations with Israel provided that peace between the two countries remains stable and permanent, said Nail Olpak, head of the Turkish Council for Foreign Economic Relations. Turkey cut off trade with Israel last year after the conflict in Gaza between Israel and the Palestinian group "Hamas" escalated, News.bg reports.
However, after Israel and "Hamas" have begun to implement a complex ceasefire agreement, with the possibility of restoring economic relations looming on the horizon.
Problems with payments for goods to Russia
Olpak also revealed that the Turkish Council for Foreign Economic Relations has received information about problems with payments for goods sent to Russia via Kazakhstan and Kyrgyzstan. These problems are due to sanctions imposed by Western countries on Russia after its invasion of Ukraine in 2022. Since then, Turkish exporters have been experiencing difficulties in receiving payments related to their trade with Russia.
Requirements to the central bank regarding foreign exchange earnings
Separately, Olpak reported that the Turkish Council has submitted a request to Finance Minister Mehmet Şimşek to reduce or eliminate the obligation for exporters to sell 30% of their foreign exchange earnings to the central bank. This request comes after the central bank already lowered the ratio from 40% to 30% in June 2023, due to its growing reserves.