Turkey, Russia, Iran agree to use local currencies instead of US dollar in trade

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Russian President Vladimir Putin (L), Iranian President Hassan Rouhani (C) and Turkish President Recep Tayyip Erdogan (R) attend a press conference after meeting in Tehran on September 7, 2018. AFP PHOTO / SPUTNIK / Mikhail KLIMENTYEV

Turkey, Russia and Iran have agreed to use their local currencies in trade among the three countries instead of the US dollar, Central Bank of Iran Governor Abdolnaser Hemati said on Saturday, the state-owned Anadolu news agency reported.

Hemati told the media a meeting with the administration of the Turkish and Russian central banks is expected in the near future and that he hoped the agreements would quickly be put into effect.

The governor termed the meetings in Tehran that saw the participation of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan during a trilateral summit on Syria as fruitful.

He said they had agreed on the trade of oil, gas and basic goods, and also reached consensus on some banking issues.

The three countries agreed the US dollar should not be used for trade, Hemati said.

He added that transactions will be made at designated currency exchange rates.

A trilateral summit on Syria was held in Tehran on Friday by the Turkish, Russian and Iranian leaders.

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