21 December 2021 - 16:42Turkey’s President Recep Tayyip Erdogan unveiled an emergency plan to curb the lira’s unprecedented depreciation and protect investors against wild swings in the currency. One measure guarantees that returns on lira-denominated deposits wouldn’t fall short of bank interest rates, in an effort to end current spot demand for foreign exchange.
The currency is climbing again after staging its biggest rally since the 1980s. The jump came after President Recep Tayyip Erdogan announced new measures to bolster the currency.If people who hold deposits in hard currencies decide to switch to the lira, that may help the Turkish currency curb losses that are fuelling inflation and losing Erdogan support even among his most loyal voters.
The lira surged more than 20% after Erdogan’s speech on Monday, in its strongest rally since the 1980s. It jumped again on Tuesday before trimming gains to trade 2.9% higher at 12.9577/$ in Istanbul. Even so, the currency is still down more than 40% against the greenback in 2021.
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