The US dollar system should be abolished. Muslim countries should promote trade in their currencies, Tayyib Erdoğan
ANKARA (News Hub update new) Turkish President Tayyip Erdoğan, in a speech to
the D8, called for an end to the influence of the US dollar, saying trade in US dollars would
hurt the economies of many countries. But the burden and the difficulties are increasing.
It should be noted that the organization D8 of the Muslim world was founded in June 1997
on the proposal of Turkish Prime Minister Najmuddin Erbakan in which he said that
Muslim countries should promote trade in their currencies.
The D8 group of Muslim countries includes Iran, Indonesia, Egypt, Pakistan, Nigeria,
Malaysia, Bangladesh, and Turkey. Addressing the D8 Economic Cooperation Conference
of eight Muslim countries, Prime Minister Tayyib Erdoğan said that trading in local currency
would help control the slight fluctuations in the value of the currency.
Turkish President Rajab Tayyib Erdoğan said that trade in US currency puts pressure on the
currencies of most countries of the world due to which the currencies of these countries often
suffer from extraordinary fluctuations.
D8 countries use local currency to trade with Turkey to
ease pressure on US dollar reserves from the world.
The Turkish president said he had been repeating since 2017 that trade in local currencies
should be promoted so that concrete steps could be taken to stabilize the value of the currencies.
The economic crises of the last four years have further increased the importance of trade in the
local currency.
Turkish President Tayyib Erdoğan has called for an end to the influence of the US dollar on
world trade, saying that trade in US dollars has increased the burden on the economies of many
countries and is increasing difficulties instead of ease.
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