The US dollar is having a tough time. Numerous attempts to find a replacement, loud threats of total refusal to use it and other assaults do not let the American currency relax. Another stab in the back was the statement by two global leaders about the transition to national currencies in bilateral trade. Now Turkey and Iran will carry out trade activities in their own local currencies.
The agreement was signed during a meeting between Valiollah Seif, the governor of the Central Bank of Iran (CBI), and his Turkish counterpart. After that, Recep Erdogan and President of Iran Hassan Rouhani stressed the importance of this decision and expressed their intention to promote the expansion of trade between the two countries in every possible way. Clearly, the use of national currencies will boost the bilateral trade. Moreover, the two countries plan to expand cooperation in finance. A few Turkish banks will open their branches in Iran, and Iranian ones will open in Turkey. In addition to fruitful cooperation in the financial sphere, Erdogan and Rouhani have agreed to strengthen ties in the energy sector. The presidents also discussed the current situation in Syria. The President of Turkey stressed that all concerned parties pay special attention to the observance of the agreements reached by Turkey, Iran, and Russia at the talks in Astana, Kazakhstan. Erdogan emphasized that the parties will continue to adhere to the tripartite agreement on de-escalation zones in Syria. As for the tripartite relationship between the Turkish lyre, Iranian rial and US dollar, it may take a while before we see how the situation will develop.
