Erdogan called on citizens to convert their savings into lira
The Turkish president Recep Tayyip Erdogan yesterday called on Turkish citizens and companies to turn their backs foreign exchange savings in lira.
With this move, official Ankara is trying to increase the demand for local currency.
Erdogan told a cabinet meeting that 163 billion lira had been deposited in accounts under the government's scheme, which protects lira savings from depreciation. bankar.me.
Turkish currency in December was on historically lowest with a exchange rate of 18,4 pounds per dollar, and then recovered under the influence of government measures.
The lira lost 44 percent of its value last year and was the weakest currency among emerging markets.
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