Hakan Ateş, Denizbank CEO, has said that trade activities between Turkey and Russia using local currencies have reached an important milestone as the work on rediscount credits, carried out by the central banks of both countries, has nearly come to an end. Ateş said, "When this project is put into practice, trade volume between the two countries might double or even triple." He added that Denizbank, which is owned by Russian Sberbank, has played a crucial role in trade activities using ruble. "Even though we can only take daily exchange risks for now, longer term risks should be taken in the tourism industry. Hence, rediscount credits have great importance," he said.Pointing out that Denizbank has provided $3 billion, out of the entire $19 billion dollar in loans offered to the tourism sector by banks, Ateş said they were standing by the sector as a bank that gave out more than $200 million in loans to the industry.Noting that Russians were able to draw ruble from Denizbank ATMs and receive assistance in their language, Ateş said tourism companies that collaborated with this project have doubled their early reservations.In December, President Recep Tayyip Erdoğan said that a new period is commencing with the use of local currencies in foreign trade. The president declared that future trade transactions with other countries would be carried out in local currencies. Pointing to consultations with Russia, predominantly focusing on further improvement in economic relations and expanding commercial transactions, he noted: "When we buy something from Russia, we will pay in their local currency; when Russia buys something from us, they will make payments in our currency. We will therefore discharge the foreign currency pressure on our national currencies," reiterating the resolution to expand the use of local currencies in trade with other countries.Earlier in December, President Erdoğan announced that payments in foreign trade transactions with Russia, China, and Iran will be made in local currencies. The president received a quick and positive response from Russia. The Russian Central Bank indicated there are no legal or technical obstacles to using local currencies as a medium of exchange in commercial transactions between Turkey and Russia.