09
Sun, May
54 Yeni Haber

Turkey to prioritize trade in local currency with D8 countries, says President Erdogan

World
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ANKARA: For many years, Turkish President Recep Tayyep Erdogan has been urging developed Muslim countries to give preference to the local currency for trade. Addressing the D8 Economic Cooperation Conference of the world's eight Muslim developed countries, he said that trading in the local currency would help control the extraordinary fluctuations in the value of the currency. President Erdogan said that trade in US dollar puts immense pressure on the currencies of most countries of the world due to which the local currencies of these countries often suffer from extraordinary fluctuations. He called on D8 countries to use the local currency to trade with Turkey in order to ease the pressure on the world's foreign exchange reserves in US dollars. He said that since 2017, he has been reiterating that trade in local currencies should be promoted in order to avoid recession and concrete steps should be taken to stabilize the value of the currencies. He said the economic and financial crises of the last four years have further increased the importance of trade in the local currency. He called for an end to the US dollar's influence in world trade. President Erdogan said that trade in US dollars has increased the burden on the economies of many countries and the difficulties are increasing instead of ease. It should be noted that the D8 organization of the Muslim world was founded in June 1997 on the proposal of the then Turkish Prime Minister Najmuddin Erbakan in which he said that Muslim countries should promote trade in their currencies. The D8 group of Muslim countries includes Indonesia, Bangladesh, Egypt, Iran, Malaysia, Nigeria, Pakistan and Turkey.

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