Turkish banks are communicating with depositors to convert their accounts to...

  The exchange market witnessed huge speculations targeting the lira (Getty)
He said Turkish depositorsBanks in the country have contacted them to convert their dollar accounts into the lira, with guarantees that they will be compensated if they suffer losses as a result of a decline. Turkish currency exchange rate. 

The Turkish government continues to interfere by “supporting savings”, as the Turkish Central Bank issued, at the end of last December, a decision to support lira deposits, days after Turkish President Recep Tayyip Erdogan announced measures to protect lira depositors, which causes the rise in the price of the dollar and inflation. at losses to them.

Citizen Nasser Aydin told Al-Araby Al-Jadeed that the bank with which he opened an account in dollars contacted him to exchange the deposit currency into the lira, adding: “They pledged not to suffer a loss, and I actually changed my account, there are guarantees for profit.” And Ayden added that contacts took place with depositors Others connected to them, to convince them of the same thing.

According to Finance Minister Noureddine Nabati, in media statements yesterday, the “protected lira account” is the guarantor to confront the financial attack that Turkey has been subjected to.

The minister said, “We see the good responses from Turkish citizens, who have begun to benefit from these measures,” revealing that local currency deposits, according to the new financial mechanism, amounted to 91.5 billion liras, as of early January.

The Turkish government is facing a difficult test regarding its ability to curb speculation in the dollar and curb its prices, as the lira lost about 45% of its value against the US currency last year.

After the lira fell to an all-time low of 18.36 against the dollar in mid-December, the Turkish president announced measures to protect lira deposits from exchange rate fluctuations and reduce dollar hoarding.

Indeed, the lira regained about 50% of its losses in the wake of these measures, bringing the dollar to less than 11 liras within days, but it returned to decline without reaching the low levels it reached before the announcement of these measures.

Since the end of December, the dollar has continued to rise again, approaching 14 pounds, recording 13.9 pounds, according to trading today, Monday, at the beginning of the week’s trading, while it closed last Friday at 13.6 pounds.

Director of the Center for Strategic Studies in Istanbul, Mehmet Kamil Demirel, said that the continuation of speculation is the most important reason for the continued fluctuation of the exchange rate, expecting market stability soon, after the results of the “new economic model” announced by the government last month, and its impact on the production and export sectors.

Demirel added to “Al-Araby Al-Jadeed” that the improvement in economic indicators, foremost of which is Tourism and exports Which amounted to $225 billion last year, will increase the balance of the money supply, in order to achieve with government measures confidence in the economy, which is the most important factor leading to the stability of the price of the lira and then its improvement.