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These initiatives are part of the Turkish government’s overall plan for de-dollarization.
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Tayyip Erdogan–
"Time to Leave the Dollar"
(Right-click title to see original story)
(Image source)
Flash Points
1 – Erdogan is urging Turks to abandon the US$ and other currencies.
2 – The Turkish government has initiated a de-dollarization plan.
3 – This is not the first time Erdogan has advised Turks to ditch the US$.
– Synopsis –
A few days ago, Turkish President Tayyip Erdogan advised Turkey’s citizens to abandon the US dollar.
A Question of Value
He emphasized that ditching the dollar was the patriotic thing to do. He added, rather obliquely, that the Turkish lira would not “lose value anymore.”
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This Time May be Different
Erdogan has called several times for Turks to leave the dollar – albeit to no effect. (see chart)
Furthermore, in July 2019, the Turkish government announced its plans to establish a digital currency to be issued by its central bank. That comes as part of the government’s overall plan to proceed with de-dollarization. (Image source)
– Insight from Outside –
At this point, it could be said that the Turks can’t really go wrong in following their president’s advice. In fact, this time, it may be astute financial advice.A Step Forward
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Moreover, any country that proceeds with plans to de-dollarize is on the right path, and a few steps ahead of any countries that loyally cling to the doomed US dollar. (Image source)