The lira, which had fallen earlier today by more than 11% to about 18.4 against the dollar, rose by about 10% after Erdogan’s announcement.
The Turkish currency was last trading at 12 lira against the dollar.
This recovery comes as the dollar is under pressure from falling US Treasury yields in the wake of a blow to Washington’s spending plans, which were presented by the Democratic Party, and due to fears of the continuing outbreak of the new Corona virus, Omicron.
Speaking after a cabinet meeting, Erdogan said the measures will ensure that citizens do not have to convert the lira into a foreign currency due to the lira’s collapse, as well as pledge to guarantee deposits.
“We offer a new financial alternative to citizens who want to dispel their fears caused by high exchange rates when assessing their savings,” Erdogan said.
“With interest rate cuts, we will all see how inflation will start to subside in a matter of months…This country will no longer be a paradise for those who raise their money at high interest rates…”
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