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 Erdogan Threatens To Abandon US Dollar In Trade With Russia

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Erdogan Threatens To Abandon US Dollar In Trade With Russia Vide
PostSubject: Erdogan Threatens To Abandon US Dollar In Trade With Russia   Erdogan Threatens To Abandon US Dollar In Trade With Russia Icon_minitimeFri Aug 12, 2016 5:34 am
...But perhaps the most notable development was reported today by Turkey's Gunes newspaper, which said that as part of the discussion between Putin and Erdogan on Tuesday, the Turkish president suggested to abandon the US dollar in bilateral trade between Turkey and Russia, and instead to transact directly in lira and rubles. This would "benefit both Russia and Turkey", Erdogan allegedly said in his August 9 meeting in St Petersburg, adding that this would relieve the lira from the USD's upward pressure. The reason Erdogan is concerned about exchange rates is because recently Turkish inflation soared by nearly 8% Y/Y, and the recent devaluation of the TRY against the USD has only poured more oil on the fire.

Erdogan Threatens To Abandon US Dollar In Trade With Russia Putin%20erdogan_0

http://www.zerohedge.com/news/2016-08-11/erdogan-threatens-abandon-us-dollar-trade-russia
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