Turkey could restart Israel trade if peace permanent, trade body says

Turkey could restart trade with Israel "if peace is permanent", Nail Olpak, head of the Turkish Foreign Economic Relations Board (DEIK), said on Tuesday.

Turkey severed trade with Israel last year over its war in Gaza with the Palestinian militant group Hamas. This week Israel and Hamas began carrying out a complex ceasefire deal.

Answering reporters' questions in Istanbul, Olpak also said DEIK has heard reports of payment issues for goods exported to Russia via Kazakhstan and Kyrgyzstan, without elaborating.

Western countries imposed record sanctions on Russia after it invaded Ukraine in 2022. Turkish exporters to Russia have since experienced some issues receiving payments.

Olpak also said the board conveyed a request to Finance Minister Mehmet Simsek to reduce or remove the obligation for exporters to sell 30% of foreign currency revenues to the central bank.

In June last year, the central bank lowered the ratio of foreign exchange revenues that exporters are required to sell to it to 30% from 40%, as its reserves continued to rise.