Saturday, December 3, 2016

Turkey seeks trade in local currencies with Russia, China: The Turkish lira lost 10 percent of its value against the US dollar

Turkish President Recep Tayyip Erdogan said on Saturday that his country is seeking trade in local currencies with Russia and China amid a fluctuation in Turkish lira.

"I proposed to Putin to conduct our trade in local currencies," Erdogan said of his Russian counterpart Vladimir Putin at the opening ceremony of a shopping mall in Istanbul.

"I said whatever I buy I shall pay you in ruble, and whatever you buy from me make the payment in Turkish lira," the president noted.

He said he had asked the same from China and his offers were found reasonable by both countries.

The president noted that he had given necessary instructions to Turkey's central bank, saying "I hope we will move on this way."

  • The Turkish lira lost 10 percent of its value against the US dollar in November alone and hit a record low of 3.59 on Friday, prompting Erdogan to call on Turks to covert their foreign exchanges into gold or Turkish lira in an attempt to curb the rise in dollar. 

In response, Borsa Istanbul, Turkey's main stock exchange, became the first institution to convert all of its cash assets into Turkish lira, the Hurriyet daily news said.

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