Turkey wants trade with China, Russia and Iran in local currencies, Erdoğan says

Turkey is taking steps to allow commerce with China, Russia and Iran to be conducted in local currencies, President Tayyip Erdoğan said on Sunday, the government's latest effort to shore up the tumbling lira.

In a speech to flag-waving crowds in the central city of Kayseri, Erdoğan also said that Prime Minister Binali Yıldırım would bring up the issue with Moscow during a forthcoming trip to Russia.

Erdoğan has called on Turks to cash in their foreign exchange holdings and buy lira to stem the Turkish currency's decline. The lira has lost a fifth of its value this year and hit by a resurgent dollar.