content tagged with foreign exchange rates

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

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.

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.

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.

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