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Erdogan calls for end to U.S. dollar's trade reign

Staff Writer |
Turkish President Recep Tayyip Erdogan on Sunday said that the U.S. dollar's reign on global trade should come to an end by adopting trade with local currencies between countries, Daily Sabah reports.

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Speaking at Turkey-Kyrgyzstan Business Forum in Kyrgyz capital Bishkek, Erdogan said that dependence on the U.S. dollar was becoming more of a burden each passing day instead of a convenience.

"The attacks on our country is a clear example of this. They try to cast doubt on Turkey's strong and solid economy via currency manipulations," Erdogan said.

Talking about international credit rating businesses such as Moody's and Fitch, Erdogan said every move by those firms were "politicized" and called them "insidious" and "dishonest."

Erdogan said Turkey is resolved to establish independence in economy, defying the attacks targeting its economy.

Reminding Turkey's willingness to trade with its top trade partners like China and Russia in local currencies instead of the U.S. dollar, Erdogan said that Turkey was in the process of finalizing the move and added: "These last events have showed how right we are."

Erdogan also said that Turkey would consider trading with Kyrgyzstan in local currency as well.

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