Turkey Wants Russia, China, Iran to Dump Dollar in Trade

Discussion in 'World Affairs' started by Atilla, Dec 5, 2016.

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  1. Atilla

    Atilla Major

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    Turkey's Erdogan urges Russia, China & Iran to trade in local currencies

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    In an attempt to boost the falling lira, Turkish President Recep Tayyip Erdogan has offered to trade with Russia, China, and Iran in local currencies.

    “If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, stressing that Prime Minister Binali Yildirim will talk about it during a visit to Moscow.

    The president said proposals have been given to the central bank, and that it has already been discussed with Moscow, Beijing and Tehran.

    Erdogan again called for Turks to stop hoarding foreign currency “under their pillows’ and exchange dollars and euro into Turkish lira and gold.

    “Our Turkish lira is blessed,” he said during a speech in the central city of Kayseri after opening a new museum and library.

    The country’s currency has significantly devalued since the failed July coup when a military faction tried to oust the president from power.

    The Turkish lira lost over ten percent of its value in November, hitting record lows against the US dollar.

    https://www.rt.com/business/369203-erdogan-turkey-russia-china-currencies/
     
  2. YarS

    YarS Lieutenant Colonel

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    It's a good idea, but not new. IMHO, we need to control emission and trade balance.
     
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  3. Atilla

    Atilla Major

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    Turkish lira-Chinese Yuan trade set to begin

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    China’s foreign exchange trade watchdog announced Friday that direct trading between China’s renminbi (yuan) and the Turkish lira will start on Sunday, Dec. 12.

    In order to promote bilateral trade and investment between China and Turkey, facilitate the use of the renminbi and lira in cross-border trade and investment, and meet the needs of economic entities to lower currency conversion costs, with the authorization of the People's Bank of China, direct trading between the renminbi and lira will be launched on the interbank foreign exchange market starting Dec. 12, said a statement on the Chinese Foreign Exchange Trade System (CFETS) website.

    The move comes as Ankara is seeking ways to strengthen the lira through foreign trade and investments and cushion Turkish markets from the sharp global volatility seen in foreign exchange markets, especially in the U.S. dollar, seen in wake of Donald Trump’s surprise presidential victory.

    Also on Thursday, ICBC Turkey, the first Chinese bank active in Turkey, announced that it became the first bank to use the money swap agreement signed by both countries’ central banks to boost trade in local currencies.

    Recently, President Recep Tayyip Erdogan said Turkey had proposed doing trade with Russia, China, and Iran in local currencies, stressing the importance of using such currencies in foreign trade.

    http://aa.com.tr/en/asia-pacific/turkish-lira-chinese-renminbi-trade-set-to-begin/702700
     
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  4. YarS

    YarS Lieutenant Colonel

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    Dedollarisation of economics is one of the first steps in fight for independence of Eurasia.
     
  5. YarS

    YarS Lieutenant Colonel

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    And it will be good for tourists - to pay in roubles.
     
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