Turkey’s Fight Against Dollarization Hasn’t Been Working: Chart
A cashier counts out 100 denomination Turkish lira banknotes at a currency exchange bureau in Istanbul, Turkey, on Thursday, Aug. 11, 2016. At least 10 lenders in the country announced they'd slashed interest charges on mortgage loans on Wednesday since President Recep Tayyip Erdogan said resistance to lower borrowing costs could be 'treason.'
Photographer: Kerem Uzel/BloombergThis article is for subscribers only.
Turkish residents have been flocking to the stability of hard currencies, the opposite of what President Recep Tayyip Erdogan has been urging. Deposits in foreign exchange for individuals and companies excluding banks rose for a third week, signaling a lack of confidence in the lira. It’s the biggest loser among world currencies so far in 2017.