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Turkey’s Flagship Weapon in Lira’s Defense Gets Record Flows

  • Accounts were launched to curb dollar demand as lira crashed
  • Deposits rose by 81 billion liras in a week, regulator says
Updated on

Turks are putting their money into state-backed accounts that shield savers from lira weakness at the fastest pace since their December launch.

Deposits in so-called FX-protected accounts reached 290 billion liras ($21.4 billion) as of late Thursday, banking regulator chairman Mehmet Ali Akben said, up from the last official total of 209 billion a week earlier. That works out to an average inflow of 11.6 billion liras per day, the highest yet.