Erdogan Says Turkey and Iran Should Trade in Local Currencies

Turkish President Recep Tayyip Erdogan used a meeting in Tehran with his Iranian counterpart Hassan Rouhani to lobby for dropping euros and dollars in favor of bilateral trade in local currencies.

Trade between the two countries “lost momentum” in recent years due to sanctions imposed against the Islamic Republic, Erdogan said at a joint press conference with Rouhani on Tuesday. Total trade volume was $14 billion last year, compared with a targeted level of $30 billion, he said.