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Turkish lira rallies on Erdogan plan

The Turkish lira has rebounded from historic lows after President Recep Tayyip Erdogan announced a number of steps aimed at easing the burden of the weakened currency on the population.

On Tuesday, the lira strengthened by more than 10% to trade around 12 lira versus the US currency, after gaining 23% on Monday, and recovering from a record low of nearly 18.4 per dollar touched earlier in the day. The currency’s gains have extended to more than 40% since Friday, but the lira remains down 45% for the year.

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Turkish stock market halts trading as lira crashes

The two-day rally is reportedly the biggest since 1983. The surge came after the country’s authorities revealed a series of measures to protect savings from the wild fluctuations of the lira. The Erdogan-led government has vowed to press on with its low-rates policy, which triggered the latest slide in the national currency.

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The measures would ensure citizens would not have to convert their lira into foreign currency because of lira volatility, including a deposit guarantee promise, according to President Erdogan.

“We are presenting a new financial alternative to citizens who want to alleviate their concerns stemming from the rise in exchange rates when they evaluate their savings,” he said, speaking after a cabinet meeting.

The president said he expected inflation to start falling within months with the help of the interest rate cuts.

“This country will no longer be a heaven for those adding to their money with high interest rates, it will not be an import haven,” he added.

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https://ift.tt/33NeqhD 21, 2021 at 03:15PM
from RT – Daily news

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