Local Currencies

This tag is associated with 3 posts

BRICS Bank To Start Lending In Local Currencies In Q1 2016, President Says

Posted by EM_Equity ⋅ July 11, 2015 ⋅ 1 Comment

The $100 billion New Development Bank (NDB), also known as the BRICS bank, which comprises of the members of the BRICS grouping of emerging market nations — Brazil, Russia, India, China, and South Africa — will start lending in local currency by April 2016 and its member countries will be the primarily focus of the bank, K.V. Kamath, the President of … Continue reading →

Turkey’s Erdoğan Calls On Iran To Use Local Currencies In Trade, Ditch Dollar And Euro

Posted by EM_Equity ⋅ April 8, 2015 ⋅ 2 Comments

Turkey is pushing for Iran to switch to use local currencies in bilateral trade and ditch the euro and the U.S. dollar in the latest effort amongst emerging market nations to further de-dollarization. According to Bloomberg, Turkish President Recep Tayyip Erdoğan used a meeting with his Iranian counterpart Hassan Rouhani in Tehran to lobby for dropping euros and … Continue reading →

More De-Dollarization: Turkey Looks To Settle Payments With Russia In Local Currencies

Posted by EM_Equity ⋅ March 31, 2015 ⋅ 2 Comments

Turkey’s Ministry of Economy is considering a move to settle payments with Russia by using local currencies for major investment deals, Russia’s TASS news agency reports. “We would like payments in rubles and lira to be introduced at least for the larger investment projects in Russia and Turkey,” Turkey’s Deputy Economy Minister Adnan Yyldyrm, said during a joint … Continue reading →