Erdogan called for greater use of national currency in international trade

© RIA Novosti / Sergey Goneeverything in Photobacterium Recep Tayyip Erdogan. Archival photoErdogan called for greater use of national currency in international trade© RIA Novosti / Sergey Goneeverything the image Bank

President Recep Tayyip Erdogan called for wide use of national currencies in trade with other countries.

«Our problems we have to solve themselves. Use own currencies in mutual settlements in the highest degree important. There is no other way, except for the use of our national currencies. Otherwise the exchange rate will continue to push us,» said Erdogan, speaking in Istanbul at a meeting of the Committee for economic and commercial cooperation of the Organization of Islamic cooperation.

According to him, as soon as the US increased duties, «the world has begun to explore protection mechanisms».

In March of this year, the US imposed import duties on steel in the amount of 25% and aluminium 10%, giving a reprieve to a number of countries. On the last day of may, Washington imposed these duties for almost all, including the EU and Canada.