DS: How will this affect the current deficit?
Current deficit is the difference between a country's foreign currency revenue and expenditure and it is calculated in U.S. dollars. If you decrease your need for the U.S. dollar, the current deficit will also follow. Using the Turkish lira instead of the dollar will have a positive effect on decreasing current deficit. However, this also assumes that trade volumes will increase, as it will become easier to do it.
DS: Do you estimate that trade will increase if domestic currencies are used instead of the U.S. dollar?
It will, definitely. For instance, Turkish companies or businesspeople trading with Russia will be able to directly use the ruble, making trade much easier. This is also true for Russian companies and businesspeople. It will encourage and increase trade. Moreover, Turkey is a country that produces goods and services that are in demand and its economy is highly flexible. Therefore, this will contribute to all economies participating in trade with domestic currencies, but it will be especially advantageous for Turkey. It is a win-win policy.
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