The Turkish lira returned to recovery with a record rise, following statements by Turkish President Recep Tayyip Erdogan, in a press conference after a cabinet meeting, after the Turkish lira had fallen to its lowest level before the statements, reaching 18.40 against the dollar.
The lira rose to about 13 against the dollar, following the decisions of the Turkish president regarding the fluctuations of the local currency.
He stressed that the withholding tax on dividends paid by companies will be reduced to 10%, and that the tax on export companies and industrial companies will be reduced by one point.
He explained in a speech that there are 5,000 tons of gold worth $280 billion in reserves.
Erdogan stressed that “loans from public banks will not be allowed to be used to make money,” noting in the context that the foreign exchange reserves in the Central Bank will rise to more than 135 billion dollars.
Erdogan said his government would launch a new financial instrument that would allow the same level of potential profits to be achieved for savings in foreign currencies by keeping assets in lira.
Read also: The Turkish lira continues to bleed and falls to 16 against the dollar
He added, “We will provide a new financial alternative for our citizens who wish to allay their fears caused by the high exchange rates.”
Inflation rates in Turkey amounted to 21.3%, according to central bank figures, placing Turkey in first place in terms of inflation rates for the month of November, while the Turkish president is betting on reducing it after lowering the interest rate to zero.
The Turkish lira has lost more than 57 percent of its value against the dollar since the beginning of January this year.
Turkish President Recep Tayyip Erdogan adheres to his monetary policy, reaching “zero interest”, to reduce inflation and improve the country’s economy, and vows to win the “economic war of independence.”
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