The currency has been on a rollercoaster ride since the central bank began lowering interest rates in September and saw extreme volatility in the past weeks when the lira kept hitting record lows.
President His Enormity, Sultan Recep Tayyip Erdogan the First
...Turkey's version of Mohammed Morsi but they voted him back in so they deserve him. It's a sin, a shame, and a felony to insult the president of Turkey. In Anatolia did Recep Bey a stately Presidential Palace decree, that has 1100 rooms. That's 968 more than in the White House, 400 more than in Versailles, and 325 more than Buckingham Palace, so you know who's really more important...said Monday the government would cover losses incurred by lira deposit holders in cases where the lira's depreciation against foreign currencies exceeds the banks' interest rates.
"From now on, our citizens won't need to switch their deposits from
The extraordinary measure is aimed at boosting confidence among Turks about their currency after many flocked to foreign currencies and gold to hold on to their savings amid massive fluctuations and soaring consumer prices.
The weakened lira was driving prices higher, making imports, fuel and everyday goods more expensive. Many people in the country of more than 84 million are struggling to buy food and other basic needs.
But critics say the measure is unsustainable and could cause more inflation.
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's president is avowedly against high interest rates and believes they cause inflation, a thought that stands in contrast to established economic principles. He bases his theory on Islam.
Under his assumed influence, the central bank has lowered interest rates by five percentage points since September to 14 percent despite official inflation running at 21 percent.