Erdogan’s government has guaranteed the deposits of citizens affected by the collapse of the Turkish economy with “money that does not exist”, the leader of the main opposition, Kemal Kilicdaroglu, said on Tuesday.
Speaking to the Turkish parliament, the leader of the Republican People’s Party (CHP) said the Erdogan government could not create an environment of confidence in the markets, adding that Turkey needed a strategy rather than short-term plans.
He also said that the fact that Turkish citizens trust foreign currencies against the pound shows problematic governance and reiterated his call for immediate elections.
The Turkish pound traded up 20 percent against the dollar on Tuesday, extending its historic recovery from a low as President Erdogan unveiled a plan to guarantee local currency deposits against the dollar. market fluctuations.
The currency then fell to 11.0935 pounds against the dollar, from closing yesterday at 13.15 pounds. It now stands at 12.9643 pounds against the dollar.
On Monday, the Turkish currency jumped to its highest level since 1983, as President Erdogan said he was planning measures such as introducing a plan to protect savings from the pound.
The government will make up for the losses suffered by pound holders if its fall against hard currencies exceeds interest rates promised by banks, Erdogan said.
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Source From: Capital
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