Turkish President Recep Tayyip Erdogan said his country is moving towards allowing trade with Iran, Russia and China to be conducted in local rather than foreign currencies, as he continues his efforts to strengthen the falling lira.
“If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, ahead of a trip by Turkish Prime Minister Binali Yildirim to Russia for meetings on Tuesday.
Erdogan – who previously said discussions were underway with Moscow, Beijing and Tehran on the issue – added that instructions related to this proposal had been given to the central bank.
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 after the 15 July failed coup.