Turkey moves to do trade in local currency: Erdogan

KAYSERI, Turkey

President Recep Tayyip Erdogan has said Sunday that Turkey has taken steps to do its foreign trade in its national currency.

Speaking at an inauguration ceremony in the central province of Kayseri, Erdogan said: "We have taken steps also to do trade with Russia, China, and Iran in our local currency."

The president also reminded that Prime Minister Binali Yildirim will pay an official visit to Russia on Monday. "We will also take steps to do our trade in that region in the local currency.

"If we buy something from them [foreign countries], we will do that in their currency; if they buy something from us, they will do it in our currency."

Erdogan noted that Turkey will "play its own game" in the economic arena against "all games" played against it.

The president reiterated his Friday call on Turkish citizens to convert their foreign exchange savings into Turkish lira and gold to help boost the value of the local currency.

Following Erdogan's call to support the declining Turkish currency against the US dollar, Turkey's stock exchange also decided the same day to convert all of its cash assets into Turkish lira.

All of the cash assets will be kept in lira accounts, Borsa Istanbul said in a statement.

The U.S. dollar/Turkish lira exchange rate went up to stand at 3.5430 at close Friday, compared to 3.4860 at Thursday's close.

Also making remarks at the ceremony in Kayseri, PM Yildirim said Turkey continues its economic growth despite all recent developments in the world. "It is for sure that Turkish economy remains strong against all attacks and ruses."

Later in the day, speaking at an award event held by the Kayseri Chamber of Industry, Erdogan called upon Turkish businessmen and industrialists to display their "determination in this sensitivity [to use local currency] in the next 2-3 years until this issue will be put on the right track".

“I am sure you are all well aware of the game they are trying to stage in our country, especially in our economy, following the July 15 betrayal, ” he added.

Erdogan said the plotters of the July 15 failed coup are now pushing with another such attempt via "movements in interest rates, the stock exchange, and foreign exchange rates (...) to accomplish what they could not do with bloody-handed murderers".

Turkey’s Prime Minister Binali Yildirim also spoke to ensure Turkish investors on stability in the country.

“There is no uncertainty,” he said, adding that efforts on constitutional referendum on shift to presidential system continued.

Last week, Yildirim said Turkey would likely hold a constitutional referendum in early summer 2017.