Skip to content

Erdogan Unveils Extraordinary Steps to Protect Turkish Lira, Savings

  • President says new Turkey instrument to offer FX-like returns
  • New measures show volatility has been sobering for Erdogan
Video player cover image
Turkey’s Erdogan Pledges More Rate Cuts
Updated on

President Recep Tayyip Erdogan’s government announced extraordinary measures to bolster the Turkish lira, including the introduction of a new program that will protect savings from fluctuations in the local currency.

The government will make up for losses incurred by holders of lira deposits should the lira’s declines against hard currencies exceed interest rates promised by banks, Erdogan said after chairing a cabinet meeting in Ankara.