Turkey’s president urged his fellow countrymen and local companies to use the Turkish lira and to make payments in the national currency.

Turkey has suggested to Russia that bilateral trade should be in the ruble and lira, President Recep Tayyip Erdogan said unveiling a new shopping mall in Istanbul on Saturday.

"I told (Russian President Vladimir) Putin to trade in national currencies. We will pay in rubles for everything we buy and you pay us in liras," Erdogan said, adding he had made a similar proposal to China and it "was accepted as sensible."

"I issued instructions for the central bank. I am hopeful we will be capable of implementing it. Moreover, turbulences on the world market have a temporary impact on our country," Erdogan added.