Baku, Azerbaijan, Oct. 18
By Taleh Mursagulov - Trend:
The transition of Turkey, Russia and Iran to mutual settlements in national currencies in trade won’t affect the exchange rate of the US dollar, Zhannur Ashigali, associate director of the Sovereign Ratings and Forecasting Group at ACRA (Analytical Credit Rating Agency), told Trend Oct. 18.
He said that the joint share of Turkey, Iran and the Russian Federation in the world economy can be called insignificant, adding that in 2017 it was about 3.3 percent, which is more than seven times less than the share of the US itself.
In addition, the significance of the US currency isn’t limited to the large size of the US economy, the status of the US dollar as a recognized currency in global trade and asset valuation is more important, he noted.
“Therefore, of course, the US dollar exchange rate won’t change from difference in monetary policy in the mentioned three countries,” said Ashigali.
Earlier, Turkish President Recep Tayyip Erdogan said that Turkey first of all is preparing to abandon the US dollar in settlements with China, Russia and Iran, and also admitted the possibility of creating a similar system with European countries.
Meanwhile, Head of Russia’s Ministry of Economic Development Maksim Oreshkin said that the ministry, together with the Ministry of Finance and the Bank of Russia, had already prepared proposals for de-dollarization of the economy.