The Central Bank of Serbia announced Friday that the Turkish lira would be traded from Dec. 1.

In a statement on its website, the bank said the decision to trade the lira on the foreign exchange market was guided by the importance of Turkey in Serbia's foreign trade.

The move would also strengthen economic cooperation between the countries, the bank said.

Trading in liras will make it easier for Turkish and Serbian companies to cooperate and is expected to stimulate joint projects.

The lira will be included among the currencies that the bank can buy and sell on the foreign exchange market.

Serbia's exports to Turkey rose by 16.8 percent year-on-year in the first nine months of 2017 to $229.3 million while imports from Turkey increased 17.8 percent to $562 million.

Turkey and Serbia have seen improving economic ties in recent years. Turkish President Recep Tayyip Erdoğan's visit in October focused on trade deals.