IMF should switch to gold, says Turkey

Turkey's prime minister says the IMF would be better off using gold instead of dollars since bullion is an "international constant" and has "maintained its honor throughout history", according to a report by Sabah.

Prime Minister Recep Tayyip Erdoğan, who made the comments while travelling in Indonesia, feels that when when the IMF sets conditions for helping a country and then provides aid in US dollars, the prescription can actually be harmful.

"The IMF extends aid on a who, where, how and on what conditions bases. For example, if the IMF is under the influence of any single currency then what, are they going rule the world based on the exchange rates of that particular currency?" said Erdoğan according to a report by Sabah.

"Why do we not switch then to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history? This is something to think about."

Image of Prime Minister Recep Tayyip Erdoğan speaking a press conference in Europe from Flickr creative commons