Turkey wants trade with China, Russia and Iran in local currencies, Erdogan says
Sun Dec 04 2016
Lucy Harlow (3356 articles)

Turkey wants trade with China, Russia and Iran in local currencies, Erdogan says

ISTANBUL : Turkey is taking steps to allow commerce with China, Russia and Iran to be conducted in local currencies, President Tayyip Erdogan said on Sunday, the government’s latest effort to shore up the tumbling lira.

In a speech to flag-waving crowds in the central city of Kayseri, Erdogan also said that Prime Minister Binali Yildirim would bring up the issue with Moscow during a forthcoming trip to Russia.

Erdogan has called on Turks to cash in their foreign exchange holdings and buy lira to stem the Turkish currency’s decline. The lira has lost a fifth of its value this year, hit by a resurgent dollar and widening concern about a crackdown following the July 15 failed coup.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe

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