Trade with national currencies gains urgency: President Erdoğan

Duvar English

Trade with national currencies has gained urgency, President Recep Tayyip Erdoğan said during a speech at the Kuala Lumpur Summit in Malaysia.

"The matter of trade with national currencies has gained urgency. We're ready to work with you on that," President Erdoğan said.

Erdoğan noted that foreign source dependency in Turkey has dropped to the 30th percentile from 80 percent in 2003.

"The more we diversify our production capabilities, the closer we get to our development goals," Erdoğan said.

Erdoğan noted that 'finance without interest' has a large place in the Malaysian economy, and suggested that the two countries could collaborate, and maybe even form a work group on the topic.

Erdoğan's government is seen as largely responsible for the inflation rate Turkey is experiencing and the loss of value the lira has experienced in the last few years.