content tagged with foreign exchange rates

Central Bank announces details of 'foreign-exchange protected' gold deposit accounts

Central Bank announces details of 'foreign-exchange protected' gold deposit accounts

In the face of high volatility in foreign exchange rates, the government in late 2021 introduced the foreign exchange rate protected lira deposit system

Finance minister: Turkish lira finding its true balance with new deposit system

Finance minister: Turkish lira finding its true balance with new deposit system

Turkey had introduced a "foreign exchange-protected lira deposit" system, where the Treasury compensates depositors if the change in exchange rates exceeds earned interests.

22 December 2021

Will Turkey declare state of emergency over economic crisis?

Will Turkey declare state of emergency over economic crisis?

A law professor close to the president suggested that "we should be prepared for a state of emergency due to the economic crisis." Economics Mustafa Sönmez has commented about the issue.

15 December 2021 Hikmet Adal

Erdoğan replaces finance minister amid currency crisis

Erdoğan replaces finance minister amid currency crisis

The president had implicitly criticized Lütfi Elvan for opposing his lower interest rate policy, which led the Turkish lira to lose 29 percent in value in a month.

2 December 2021

Erdoğan rules out agreement with IMF, confident that lira will gain value

Erdoğan rules out agreement with IMF, confident that lira will gain value

The president has explained his "new economic model" and the country's "war of economic liberation" as Central Bank intervenes in the market to bring down foreign exchange rates.

1 December 2021

Opposition leaders slam Erdoğan as Turkish lira loses 10 percent in value in a day

Opposition leaders slam Erdoğan as Turkish lira loses 10 percent in value in a day

The president says the country is in an "economic independence war" after lira's plunge following policy rate cuts.

24 November 2021