Turkey’s missing billions signal backdoor moves to prop up the lira

A money changer counts Turkish lira banknotes at a currency exchange office in Ankara, Turkey, September 27 2021. Picture: CAGLA GURDOGAN/REUTERS

While the government has said it did not intervene, the fall of $5.9bn probably signals a backdoor intervention similar to operations carried out over two years from October 2018, when state lenders sold dollars to support the local currency. The lira appreciated as much as 25% on Monday after Erdogan spoke, its biggest daily jump since 1983, and has now gained more than 40% against the dollar this week.

At the centre of Erdogan’s plan is a new instrument intended to suppress retail investor demand for dollars. If the lira’s fall against hard currencies exceed banks’ interest rates, the government will pay holders of lira deposits the differential.

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