2 hours agoTurkish lira continues to stabilise
Periskopi(4 years ago)
(4 years ago)Turkish lira has continued to stabilise on 22 December, following devaluation at record levels weeks ago. The Turkish currency recovery is the result of measures presented by Turkish President Recep Tayip Erdogan on December 20th. Erdogan has said his plan envisions the protection of cheap savings despite market shocks. Lyra is [...]
The Turkish currency recovery is the result of measures presented by Turkish President Recep Tayip Erdogan on December 20th.
Erdogan has said his plan envisions the protection of cheap savings despite market shocks.
The lira has been sold 12.25 against the US dollar, as opposed to 18.36 as it had reached December 20th.
Erdogan has said that the Government will cover the losses caused by those with savings in the lira, the moment Turkish currency depreciation towards foreign currency exceeds bank interest rates, writes REL.
The depreciation of the lira has influenced rising prices, while many Turks have sold their liras for other coins or bought gold to secure savings.
Erdogan has not indicated how the government will cover this plan.
Financial experts have said that if the value of the lira falls again and forces Government to cover losses, this situation could lead to increased inflation and deficit.
