The lira firmed up 18% late Monday after a speech by Turkish President Recep Tayyip Erdogan, who vowed measures to encourage savings in the lira.
ANKARA, Turkey — Turkish President Recep Tayyip Erdogan on Monday announced a series of measures to encourage lira-denominated savings, easing the pressure on the beleaguered Turkish currency.
“From now on, our citizens won’t need to switch their deposits from Turkish lira to foreign currency, fearing that the exchange rate will be higher,” Erdogan said. Even though official figures show that annual inflation has accelerated to 21%, the Central Bank has cut a key interest rate by 5 percentage points — to 14% — since September. The bank is widely believed to be acting under pressure from Erdogan, who has proclaimed himself an enemy of interest rates and dismissed three bank governors over reported disagreements on borrowing costs.
The weakened lira is driving prices higher, making imports, fuel and everyday goods more expensive. Many people in the country of more than 83 million are struggling to buy food and other basic needs.
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