Countries from the so-called D-8 group of developing nations should trade with each other in their local currencies, Turkish President Recep Tayyip Erdogan said, .
"If we are to use local currencies for trade within the D-8, our currencies will be rid of the pressures from foreign exchange and the dollar," Erdogan told a summit of the eight developing nations, which is being held in Istanbul.
“When we trade with our national and local currencies, our countries will benefit from this,” Reuters cited him as saying.
Turkey and Iran’s central banks have already formally agreed to trade in their local currencies, a move to help reduce the cost of currency conversion and transfer for traders.
The D-8 Organisation for Economic Cooperation includes Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
