Turkish Lira in Comeback After New Plan Unveiled

Date: 22 December 2021 - 21:39

News ID: ۹۸۰۶۹

ANKARA (Dispatches) - The Turkish lira has seen a second day of dramatic gains after President Recep Tayyip Erdogan unveiled a new plan aimed at strengthening the currency.
In latest trading, it rose as much as 15%, after soaring 25% on Monday.
The gains came after Erdogan pledged to compensate savers for currency moves that have eroded the value of bank deposits held in lira.
The currency had fallen to record lows as the rise in the country’s cost of living hit 21.7%.
But at one point on Tuesday, it firmed to just over 11 to the dollar before falling back slightly.
Despite the price rises, Erdogan has pushed the central bank to keep cutting interest rates.
Last week, it reduced borrowing costs to from 15% to 14% on Thursday. It was the fourth cut in as many months.