TL Increase After President Erdogan's Announcement
US dollar against turkish lira which had reached to its highest peaks, today dropped after president erdogan's statement.
US Dollar against Turkish Lira which broke its historical record today dropped back to 11 lira.
President Erdogan said in a statement:
While evaluating their savings, we offer a new financial alternative to our citizens who want to alleviate their concerns about the rise in the exchange rate. This new tool will work like this; If our people's TL holdings in the bank are higher than the exchange rate increase, they will earn this return. If the exchange rate return is higher than the deposit earnings, the difference will be paid directly to our citizens, and this income will be exempted from withholding tax. From now on, there will be no need for any of our citizens to switch their deposits from TL to foreign currency just because the exchange rate will be higher.
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