Cost of Turkey’s Flagship Lira Savings Tool Swells to $8 Billion
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Turkey’s flagship lira savings program has cost the state almost 150 billion liras ($8.1 billion) since its introduction last year to boost local-currency deposits, Vice President Fuat Oktay said.
The program has cost the Treasury 84.9 billion liras and the central bank “around 75%” of that amount as of the end September, Oktay told a parliamentary commission on Wednesday, according to minutes released afterward.