Turkey is seeking to conduct trade with Iran, Russia and China in local currencies, Turkish President Recep Tayyip Erdogan said December 3. “We have given the necessary instructions to our central banks and we will try to conduct such [trade] relationships between us through this way,” Erdogan said.

Speaking at the opening ceremony of a shopping mall in Istanbul, Erdogan said that he had proposed Russian President Vladimir Putin to conduct trade between the two countries with local currencies.

“I proposed Putin the following: Let’s do our trade in local currencies. Whatever I buy [from you] I shall pay you in Russian ruble, and whatever you buy from me make the payment in Turkish Liras,” said Erdogan.

He added that he had made the same offer to China and Iran and his offer was found reasonable.

Erdogan also reiterated his call to Turkish citizens to convert their foreign exchange into gold or the Turkish Lira.

“Those who keep foreign currency under their mattress should come and turn them into lira or gold,” he said.

Stating that one should convert their foreign currencies to liras or gold against the ones who want to “destroy us,” Erdogan also answered the question of ‘what if we lose money,’ with this currency conversion.

“Look, this is national, there is fruitfulness in this, you will not make a loss from this, do not worry,” said Erdogan, adding that it was actually the “other,” a reference to foreign currencies, that would make the Turkish people lose because “the other is a representative of the imperial logic.”

“You look after your money that is local and national; the money will stay here,” he said.

(Source: Hurriyet)