Turkey will pursue non-dollar transactions in trade and investment with other countries, its president said on Sunday, adding recent US sanctions showed Washington was behaving like “wild wolves”.
Negotiations between Turkey and Russia are under way on not using American dollars in bilateral trade, President Recep Tayyip Erdogan told a business forum during a visit to Kyrgyzstan.
“We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,” he said.
Both Turkey and Russia are reeling from punitive economic measures imposed by the United States.
The Turkish lira has taken a severe dive since the beginning of the year, particularly last month. The currency lost more than 40 percent of its value against the US dollar amid macroeconomic concerns and the diplomatic showdown between the US and Turkey over the detention of an American pastor.
“America behaves like wild wolves. Don’t believe them,” said Erdogan. “Using the dollar only damages us. We will not give up. We will be victorious.”
Relations between the NATO members hit a new low last month as US President Donald Trump announced steep new tariffs on Turkish steel and aluminium in response to the detention of US pastor Andrew Brunson on terrorism-related charges.