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Turkish, Russian central banks to declare decision on TROY payment system, source says

It is reported that the issue of using the TROY payment system as an alternative to Russian cards has been discussed after sanctions were imposed against Russia over the special military operation

ANKARA, October 5. /TASS/. The decision on possible use of the Turkish payment system TROY as an alternative to Russia’s Mir may be announced by central banks of Russia and Turkey shortly, a source in Turkish financial circles told TASS on Wednesday, adding that the sides were discussing other ways out of the situation with the suspension of Mir cards in mid-September.

Earlier, the OdaTV online news portal said heads of Turkish and Russian central banks, Sahap Kavcioglu and Elvira Nabiullina, would meet on October 5 in Kazan where a meeting of representatives of the two countries’ regulators was being held. Alternatives to the Mir payment system, in particular, would be discussed at the meeting.

The Turkish newspaper Aydinlik said on Wednesday that Ankara and Moscow were considering the possibility of using the TROY system as an alternative to Mir on Turkish territory, adding that the meeting of the two countries’ central banks that took place on Tuesday in Kazan saw some progress on the issue.

According to information provided by a TASS source, the issue of using the TROY payment system as an alternative to Russian cards has been discussed after sanctions were imposed against Russia over the special military operation.

TROY is the national payment system of Turkey that has been used since 2016. As of the beginning of this year, over 12 mln TROY cards are circulating in the country.

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