Erdoğan: Turkey Wants Trade With China, Russia and Iran in Local Currencies

Turkey's Prime Minister Recep Tayyip Erdogan addresses his party members at the parliament in Ankara, Turkey,  Tuesday, Nov. 22, 2011. Erdogan said for the first time that Syria's president must step down over the country's brutal crackdown on dissent, ratcheting up the pressure on the increasingly isolated Bashar Assad. In his harshest words yet,  Ergodan reminded Assad of the bloody end of the Libyan leader Moammar Gadhafi, as well as past dictators, including Adolf Hitler.(ddp images/AP Photo)Turkey is taking steps to allow commerce with China, Russia and Iran to be conducted in local currencies, President Tayyip ErdoĞan said on Sunday, the government’s latest effort to shore up the tumbling lira.

In a speech to flag-waving crowds in the central city of Kayseri, Erdoğan also said that Prime Minister Binali Yıldırım would bring up the issue with Moscow during a forthcoming trip to Russia.

Erdoğan has called on Turks to cash in their foreign exchange holdings and buy lira to stem the Turkish currency’s decline. The lira has lost a fifth of its value this year, hit by a resurgent dollar and widening concern about a crackdown following the July 15 failed coup.

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