Turkiye's lira makes overnight comeback after Turkiye's President Erdogan reveals new financial mechanism to shore up the currency
Turkiye's President Erdogan said the series of steps will encourage Turks to hold lira savings rather than dollars.
On Tuesday morning, the lira/dollar exchange rate dropped to 11.2248 as of 9.30 local time , as it gained almost 40 percent against dollar since Monday evening. Erdogan said the series of steps will ease burdens from a currency crash over the last few weeks and encourage Turks to hold lira savings rather than dollars.
The benefits of the country's new approach will become clear in the next three to six months, according to the president.
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