Turkey, Russia To Trade With Each Other In Their Own Currencies
Turkey and Russia will trade with each other in their national currencies. Turkey will pay in roubles and Russia will pay in Turkish liras, stated Turkish President Recep Erdogan in a speech in Istanbul pointing out that they have agreed on this with Russian President Putin.
The statement of Erdogan comes against the background of a record devaluation of the Turkish lira over the last few months as a result of the unstoppable rise in the exchange rates of the EUR and the USD, as well as the withdrawal of foreign investors after the failed coup attempt in July.
Erdogan called on Turkish citizens again to change deposits in foreign currencies into Turkish liras and gold. He accused Turkish enemies of pressuring Turkey via economic levers, manipulating markets, currency exchange rates and interest rates.
According to data of the Central Bank, the foreign currency reserve has decreased by over USD 2 B in one week alone and fallen to USD 99.035 B, while the gold reserve has remained unchanged at USD 16.228 B.
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