Turkey to use national currencies in trade with Iran, China

Turkey is playing dangerous games with powerful people. Notice how Turkey has come out of the cold, maybe into the frying pan?

This is another international move away from the US dollar.

Turkey to use national currencies in trade with Iran, China
11:1428/10/2009

ANKARA, October 28 (RIA Novosti) – Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday.

Turkey has already switched to settlements in national currencies with Russia amid weakening confidence in the greenback as the world’s major reserve currency. The move was initiated by Turkish President Abdullah Gul during his visit to Moscow in February.

Turkey’s decision to make settlements with Iran and China in national currencies was announced during a visit to Iran by Turkish Prime Minister Recep Tayyip Erdogan. The Turkish premier told a Turkish-Iranian business forum on Tuesday that the countries had prepared a legal framework for transition to settlements in national currencies.

"We have adopted a necessary legislative act and are prepared for the transition," the Turkish newspaper Milliyet quoted Erdogan as saying.

According to the paper, Turkey’s trade with Russia, Iran and China exceeds $65 billion a year. Russia is Turkey’s largest trade partner, with $37.8 billion commodity turnover registered last year.

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http://en.rian.ru/business/20091028/156617011.html