World Economy

Turkey, Venezuela Plan to Use Local Currencies

Turkey, Venezuela Plan to Use Local CurrenciesTurkey, Venezuela Plan to Use Local Currencies

Turkey and Venezuela are eager to use local currencies in bilateral trade deals to counter efforts by the United States, Turkish Foreign Minister Mevlut Cavusoglu said on Friday, Ahval News reported . “We are so keen actually to use local currencies in our bilateral trade, not only between Turkey and Venezuela, but also between Turkey and other countries,” Cavusoglu said at a joint press conference in Caracas with his Venezuelan counterpart Jorge Arreaza. Cavusoglu accused the US administration of using dollar as a tool to attack other countries’ economies, adding that Turkey has been experiencing fluctuations in its currency, as a result of a recent attack against Turkish economy. A diplomatic row between United States and Turkey over the two-year detention of an American pastor, has hit Turkish economy, as the US government imposed sanctions on two Turkish ministers and doubled tariff on Turkish aluminum and steel. Turkish lira, which has dropped by 40% against the dollar since the beginning of the year, hit a record low on Aug. 10, at the peak of the crisis with the United States.

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