Turkey’s President Erdoğan says “We need to end the dominance of the dollar”

Turkey’s President ERDOGAN who delivered a speech during his visit to Kyrgyzstan gave important messages regarding Turkish economy and US dollar Turkish lira relation.  Stating that the trade battles and the protectionist tendency necessitated the development of new strategies in many areas, Erdogan emphasized that especially the dependence of international trade on US dollar has become a growing problem.

Erdogan said, “We now have to end the dominance of the dollar by using domestic and national money among us. Countries, firms and merchants do not have to cope with natural difficulties of trade but they also face difficulties due to dependence on dollar, such as the exchange rate pressure. This system, which was founded on the pretext of facilitating trade, has now begun to become the biggest obstacle in front of global free trade”. Erdogan also emphasized that this problem led to far more serious consequences, especially for those countries that are developing or are in the process of a new economic development.

He went on to say “Attacks faced by our country in recent weeks, is a most striking example for this situation. Using currency manipulation, they are trying to create clouds of skepticism over Turkey’s strong economy. As for those certain rating agencies, their every step is political. They are not honest. So, do not believe them, do your work. We always got down to our work and we have come to this day. At the moment we are talking about the ruble-Turkish lira system in trade with Russia. Similarly, we are starting a new system of trade with Iran, China using domestic and national currency. We have to speed up the work so we can get rid of this pressure.”

Erdogan added that they would push all means to be able to trade in local currency with all countries starting with countries Turkey has strong relations to.