(Bloomberg) — The Turkish lira extended gains to over 10% against the U.S. dollar, after President Recep Tayyip Erdogan announced extraordinary measures to bolster the currency late Monday.
The lira was trading 10.6% higher at 12.0405 per dollar as of 9:09 a.m. local time on Tuesday.
Erdogan Unveils Extraordinary Steps to Bolster Lira, Savings (1)
Erdogan’s government announced measures including the introduction of a new program that will protect savings from fluctuations in the local currency. The government will make up for losses incurred by holders of lira deposits should the lira’s declines against hard currencies exceed interest rates promised by banks, Erdogan said after chairing a cabinet meeting in Ankara.
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