Anatoly Aksakov
The use of the U.S. dollar to put pressure on other countries will lead to the creation of an alternative world currency, costing the dollar its world currency status, a top Russian deputy told Anadolu Agency on Wednesday.
Anatoly Aksakov, who heads the Russian State Duma Financial Committee, said the dollar gained its "world currency" status in 1944 when, because of World War II, the national currencies of many countries were devalued while the dollar stayed stable. This resulted in more payments in dollars and its domination in international transactions.
"But today the U.S. administration is doing everything for the creation of a new world currency,” he said.
“More and more countries are considering transactions in national currencies. Meanwhile, the BRICS countries, which Turkey seems to be interested in joining, are discussing the possibility of creating a new currency for payments within the BRICS," he said, referring to the bloc of Brazil, Russia, India, China, and South Africa.
Turkey will never avoid protecting Turkish firms from unfair treatment by the U.S., Trade Minister Ruhsar Pekcan said Wednesday.Speaking at the Turkey-Africa trade and economic relations consultation meeting in capital Ankara, Pekcan said Turkey will continue to take necessary steps to counter the U.S. moves."We have doubled tariffs on 22 products coming from the U.S., responding to the recent U.S. sanctions with additional tariffs worth $533 million last night," the minister said. Group of Turkish NGOs voices support for governmentThe U.S. is an important trading partner of Turkey but it is not the only one; our country has several partners and alternative markets, Pekcan said.American President Donald Trump announced on Aug. 10 the U.S. was doubling aluminium and steel import tariffs on Turkey, fixing them at 20 percent and 50 percent, respectively.Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.Turkey doesn't want economic war with US, but wont stay silent: presidential aidePekcan added trade and economy should not be affected by political reactions.She called for economic cooperations instead of a world with trade wars.She said increasing Turkish investments in Africa remains one of the priorities for the government."We see great potential in this field. We will continue our joint works on increasing economic prosperity and employment," Pekcan said.The Turkey-Africa Economic and Business Forum will be held in Istanbul on Oct. 10-11.Business community backs Turkish economyTurkish court rejects US pastor’s appeal for release for second time
Turkey's doubling tariffs on US products will amount to $533 mln
The deputy said a BRICS currency would have good prospects, because the bloc possesses half of the world population, 30 percent of the world's industry, and 40 percent of the world's agriculture as well as the biggest natural resources deposits.
"The process of creating an alternative world currency can be completed within five years. It will depend on Washington, as the more the U.S. uses the dollar to exert pressure, the more motivation other countries will have to deny payments in the dollar," he said.
Many countries have already refused the dollar, said Aksakov, citing how China has started buying oil using its yuan, Turkey has withdrawn its gold deposits from the U.S., and Russia has significantly decreased its investments in U.S. government debt.
Turkish President Tayyip Erdoğan's spokesman said on Wednesday he expected problems with the United States to be resolved but Washington must stop trying to influence Turkey's judiciary.İbrahim Kalın stated that Turkey didn't want an economic war with the U.S., but that staying silent when it was being attacked was out of the question.Ibrahim Kalın also told a news conference that Turkey would exercise its rights if the U.S. does not deliver F-35 jets to Ankara. The lira, which has rallied after hitting a record low of 7.24 to the dollar, would continue to recover, he said.World leaders slam Trump’s sanctions, express support for Turkey"There were no talks planned between President Erdoğan and President Donald Trump", Kalın added.Kalın also said a news conference that Turkey will take a positive stance towards trading in national currencies to escape from U.S. dollar pressure.Ibrahim Kalin also expressed Turkey's “deep disappointment” over the U.S. stance on the detention of American pastor Andrew Brunson and said “If we are to mention any disappointment, we can say that Turkey is experiencing a deep disappointment in terms of its national interests,” to reporters at a weekly press briefing at the Presidential complex in capital Ankara.Turkey's doubling tariffs on US products will amount to $533 mln: Trade MinisterHis remarks came after the White House spokeswoman expressed Washington’s “frustration” regarding the Brunson case.Sarah Sanders said: “Certainly the President has a great deal of frustration on the fact that Pastor Brunson has not been released, as well as the fact that other U.S. citizens and employees of diplomatic facilities have not been released.“And we’re going to continue to call on Turkey to do the right thing and release those individuals,” she added.Criticizing the U.S. administration, Kalin said: “As they are taking relations with Turkey to a breaking point for one pastor, we have yet to see either the Obama or the Trump administration take any concrete steps towards Turkey’s rightful and urgent national security matters.”Turkey limits installment plans for credit cards, loansTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions over the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETO), the group behind the defeated coup attempt in Turkey of July 2016.
Turkey doesn't want economic war with US, but wont stay silent: presidential aide
"Once the alternative world currency appears, the dollar will lose its significance, costing it half its current value. And with the loss of the dollar's value, the U.S. will lose its influence", he said.
Currently, the U.S. gross domestic product is some $20 trillion, including $5 trillion in real income, with $15 trillion coming from other countries using the dollar, he said, saying we should consider what losing that $15 trillion would cost the U.S.
Separately, Leonid Slutsky, head of the State Duma's Foreign Affairs Committee, told Anadolu Agency that Russia is standing by Turkey in a difficult situation.
Turkey's central government's budget balance posted a surplus of 1.13 billion Turkish liras ($237 million) last month, the Treasury and Finance Ministry announced Wednesday.In July, Turkey's budget revenues reached 61.8 billion Turkish liras ($13 billion), up nearly 18 percent year-on-year, according to the official data.Budget expenditures in July were 60.7 billion Turkish liras ($12.8 billion), an annual hike of around 17.8 percent.Excluding interest payments, the central government's budget balance saw a surplus of 9 billion Turkish liras ($1.95 billion) last month.In the first seven months of the year, the budget saw a deficit of 45 billion Turkish liras ($10.74 billion).Turkey limits installment plans for credit cards, loansTurkish housing sales up in JulyTurkey's budget revenues reached 415.4 billion Turkish liras ($99 billion) from January to July, rising 18.1 percent from the same period last year.During the same period, budget expenditures rose nearly 22.5 percent compared to same period last year, totaling 460.4 billion Turkish liras ($109.9 billion).Tax revenues totaled 349.2 billion Turkish liras ($83.3 billion) over the same period.The budget balance excluding interest payments saw a surplus of some 3 billion Turkish liras ($716 million) in the January-July period.The average U.S. dollar/Turkish lira exchange rate in July was 4.76, while one dollar was trading for 4.19 liras on average in the first seven months this year, according to the Turkish Central Bank.
Turkey's budget records $237 million surplus in July
"We are here, with our Turkish friends. We're glad to see that lira has started to recover from the first shock," he said.
"Russia got a similar shock when the ruble's value fell sharply in 2014. But it's not the end of days.
"Turkey has all the necessary resources -- political will, intellectual power -- to deal with this challenge. Turkey is not a country that can be suppressed by attacking its national value."
A Turkish court on Wednesday rejected the second appeal to release U.S. Pastor Andrew Craig Brunson.Brunson’s lawyer, Ismail Cem Halavurt, said a higher court was yet to rule on the appeal.Halavurt lodged the second appeal document to court on Tuesday, asking for the pastor to be released from house arrest and have his travel ban lifted.Turkey raises tariffs on US-origin productsThe appeal was rejected by the 2nd Penal Court in İzmir, and referred to a higher court.Recently, the court had allowed Brunson to be moved from jail and placed him under house arrest in view of his "health problems".Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETÖ), the group behind the defeated coup attempt in Turkey of July 2016.US dollar has lost its credibility: Turkish FinMinTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül for not releasing Brunson.The two NATO allies have been at odds since the defeated coup, which Ankara says U.S.-based Fetullah Gülen, the ringleader of FETÖ, is behind.Brunson's next hearing as part of the trial is scheduled for October 12.US pastor in Turkey appeals for release, lifting of travel ban
Turkish court rejects US pastor’s appeal for release for second time