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Turkey Wants Trade With Iran in Local Currencies

Central Bank of Turkey Central Bank of Turkey 

Turkish President Recep Tayyip Erdogan said his country is moving toward allowing trade with Iran, Russia and China in local 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, Middleeasteye.net reported. 

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.

Ankara hopes such demands will help the lira recoup the losses it suffered since the failed coup in July.

In November alone, the lira declined more than 10 % while it continues to reach record lows against a stronger US dollar.

Back in May, Chairman of Istanbul chamber of industry, Erdal Bahcivan, announced on a visit to Tehran that banking relations with Iranian lenders will be based on the Iranian rial and the Turkish lira.

 

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