These initiatives are part of the Turkish government’s overall plan for de-dollarization.
"Time to Leave the Dollar"
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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.”
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
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)https://steemitimages.com/DQmTDjQygLGQv4iCp8k2DWp3x7o79Y4zBxGfcTvnLseCTaf/image.png