Islamic Development Bank, D-8 ink cooperation deal

Erdogan calls on D-8 to trade in local currencies

Islamic Development Bank, D-8 ink cooperation deal

"If America issues detention warrants for my 13 bodyguards in a country where I went upon invitation, sorry but I can not call this country civilized", Erdogan said at a forum in Istanbul.

"There is no reason why we should allow our economies to melt under the pressure of exchange rates" Erdogan said.

Erdogan, hailed as the leader of Muslim world proposed the central banks of D-8 member states to come together for the establishment of a clearinghouse and urged the private sectors of member countries to get involved in D-8 activities more actively.

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"Islamic Development Bank Group will work with The Developing-8 Organization for Economic Cooperation to promote sustained economic growth in the member states of D-8", the bank said in a written statement.

"Erdogan declared that the swell in average national income per capita was not enough, adding that it had to go much further".

Erdogan noted that economic and political ties between the D-8 member countries should also expand.

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Meanwhile, Turkey and Iran, two D-8 members, just agreed to trade in their local currencies.

The D-8 summit entitled "Expanding Opportunities through Cooperation", is held in Istanbul this year and is attended by various world leaders, including Nigerian President Muhammadu Buhari, Azerbaijani leader Ilham Aliyev, Pakistani Prime Minister Shahid Khaqan Abbasi, Iran's first vice president Eshaq Jahangiri and the vice president of Indonesia Jusuf Kalla.

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