Erdogan proposes trade on TL basis with Northern Iraq

Turkey has proposed to the northern Iraqi administration that trade be conducted on a Turkish lira basis, dropping the dollar, as it did with Russia and Iran, said Prime Minister Recep Tayyip yesterday. Speaking en route to Britain about his recent Iraq visit, Erdogan made public his proposal to Massoud Barzani, the head of the northern Iraqi regional administration. "Let's use the dinar in Turkey and the Turkish lira (TL) here," Erdogan said he told Barzani. "Let's save our currencies from US dollar pressures. This will bring us a return of 20 percent."