Turkey is set to increase the number of imports and exports it conducts in Turkish Liras, Economy Minister Zafer Çağlayan has said, noting that the trend would help the currency become a preferred unit of transaction in the future.
“The increase in the usage of the Turkish Lira in foreign trade is going to add to the currency’s recognition and the new symbol of the lira is also going to help. The Economy Ministry’s policies vis-à-vis the real economy and the strategic steps it takes will heighten Turkey’s position as a reliable and safe economic center. This will add to the strength of the lira,” he said.
The lira will become a preferred currency as part of Turkey’s vision to become one of the top 10 global economies by 2023, the minister said.
Çağlayan said there were important reasons behind the choice of currency when a country engages in foreign trade.
“According to academic studies, factors like an industry’s specificities, regional trade structures, [the use of] a currency that can be used internationally, macroeconomic stability and liquidity preferences shape the choice behind opting for a particular currency,” said Çağlayan.
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