There is no talk in the markets about the Turkish lira, which has recorded increases against the US dollar by more than 30% since the opening session of the week yesterday, Monday, to be the highest rise in the markets by trading at 1.1186 levels this morning, Tuesday, rising from 1.18 levels, after statements by President Recep Tayyip Erdogan in a press conference in Ankara .
Erdogan stated that his government will implement a program or a new financial instrument to protect deposits from exchange rate movements and achieve the same level of profits for savings in foreign currency, and there will be no need to transfer citizens’ savings from the lira to foreign currencies for fear of a rise in the exchange rate.
Although no details were provided about the program, analysts interpreted this as an indirect increase in interest rates, causing the lira to lose more than 30% and rise against the US dollar from the 18 levels to the 12 levels.
The Turkish Businessmen Association, which represents more than 85% of export companies, had called on the government to correct the monetary policy that is pushing the economy into the abyss, before Erdogan responded to it in a recorded video in which he mentioned that those who complain about the interest rate cut do not expect anything else from me.
05/11/2024
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