Trade in dollars, burden on economies of many countries, difficulties are increasing: Erdogan
Turkish President Recep Tayyip Erdogan, in a speech to the D8, called for an end to the influence of the US dollar, saying that trade in US currency has increased the burden on many economies around the world. Difficulties are growing 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.
Addressing the D8 Economic Cooperation Conference of the eight Muslim developed countries of the world, he said that trading in local currency would help control the extraordinary fluctuations in the value of the currency.
Turkish President Recep Tayyip Erdoan said that the trade in dollar has put immense pressure on the currencies of most of the countries of the world due to which the local currencies of these countries often suffer from extraordinary fluctuations. D8 countries should use 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. The economic and financial crises of the last four years have further increased the importance of trade in the local currency.
Demanding an end to the influence of the US dollar in world trade, Recep Tayyip Erdogan said that trade in US currency has increased the burden on the economies of many countries of the world and the difficulties are increasing instead of easing.