Reflections

Turkey Maneuvers to Escape Its Dollar Trap

Dec 8, 2016 | 04:31 GMT
Turkey Maneuvers To Escape Its Dollar Trap
So far, President Recep Tayyip Erdogan's plea for Turkish citizens and businesses to convert their foreign currency holdings, mostly dollars, into lira appears to be working. The value of the Turkish currency has climbed against the dollar this week.
(CHRIS MCGRATH/Getty Images)

Turkish companies are heeding the call of President Recep Tayyip Erdogan to shift away from the U.S. dollar to the lira. So far, the conversion appears to be working. But it's another Erdogan idea, to band with Russia, China and Iran to eschew the dollar for transactions conducted in the...

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