Turkish Lira gains ground after Erdoğan unveils new fiscal policy tools

The measures include the introduction of a new program that aims to protect savings from fluctuations in the local currency.

“No citizen would have to move their savings from the Turkish Lira to foreign currencies,” said Erdoğan during a press conference after the cabinet meeting at the Presidential Complex in Ankara.

“For exporting companies that find it difficult to present prices due to fluctuations in foreign exchange rates, they will be given an exchange rate future through the Central Bank,” Erdoğan declared, adding that stoppage on companies' dividend payments will also be lowered to 10%.

“Therefore, from now on, there will be no need for any of our citizens to switch their deposits from Turkish lira to foreign currency because 'the exchange rate will be higher',” he added. (ILKHA)