Imo .. gov have to take actions to control access to fx .... For example ..in egypt when they float the currency in 2017 .. they took harsh measures against dollarization .. and this was do effective to control the panic situation in this time after the new sudden change in monetary policies ...not any one was able to exchange currency ..only who has real need for the fx and can prove it ... They took harsh measures against exchange offices who were manipulating the market ... The private banks and exchange offices play a big part of the current situation .. and the information war which make the people panic so they go and sell there liras with any price
T
Such a great financial management
A dissolution in existing foreign currency deposits is difficult, but a slowdown in new demand for foreign currency is likely.
Welcome interest rates and high inflation thanks to early election.
Erdoğan decided to pass catastrophe to future government.
We already forgot about HARAM.
İ really wonder, yesterday who sold USD just before Erdoğan's speech for 18TL??
Speculating is criminal action.
A dissolution in existing foreign currency deposits is difficult, but a slowdown in new demand for foreign currency is likely.
Welcome interest rates and high inflation thanks to early election.
Erdoğan decided to pass catastrophe to future government.
We already forgot about HARAM.
İ really wonder, yesterday who sold USD just before Erdoğan's speech for 18TL??
Speculating is criminal action.
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Rebounded off the 11 resistance. Dollar index is definitely in precarious zone but don't think we'll see it crash
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Are you joking?
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It will go even lower if they announce a solid plan today. It will be at 2 PM (+3 UTC).Rebounded off the 11 resistance. Dollar index is definitely in precarious zone but don't think we'll see it crash
View attachment 37520
Tornadoss
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I thought the plan was lowering the TL and increasing the export... the "new Turkish Economical model". Another 180 degree move?
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There's no economic model. With AKP it's always about saving the day. No long-term thinking.
T
The change office finally lowered its profit margin now.
İt was 2 liras now 0.90 TL pennies.
İt was 2 liras now 0.90 TL pennies.
Glass🚬
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yes, if they shorted the lira.
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This instability is not good. People are hooked on FX and such because they do not understand.
The volatility is not good. Understand. When you have a budget for a year, you spread it out over 12 months and keep it stable. if it jumped to the moon and back down to earth the investors would stay away because they don't get a clear picture of what is going on.
Right now ppl are dumbfounded because the measures government has picked up is like the last card in the deck! Ravenman can laugh it off because at the end of the day he still receives 230 Euro every month, and found a job that pays 3500 TL. (and I wish him all the best)
So either way he has a backup in case the economy crashes.
The volatility is not good. Understand. When you have a budget for a year, you spread it out over 12 months and keep it stable. if it jumped to the moon and back down to earth the investors would stay away because they don't get a clear picture of what is going on.
Right now ppl are dumbfounded because the measures government has picked up is like the last card in the deck! Ravenman can laugh it off because at the end of the day he still receives 230 Euro every month, and found a job that pays 3500 TL. (and I wish him all the best)
So either way he has a backup in case the economy crashes.
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Gov’t reveals mechanism to boost savings in lira
ANKARA
A new instrument designed to protect people’s Turkish Lira savings kept in banks against volatilities in the exchange rate have become operational, the Treasury and Finance Ministry has announced.
President Recep Tayyip Erdoğan heralded the new financial mechanism, which would encourage people to hold lira savings rather than foreign currencies, on Dec. 20 following a cabinet meeting.
The lira gained ground against the major currencies overnight in the wake of Erdoğan’s announcement.
“This product is offered only to real persons and applies to three-month, six-month, nine-month and 12-month savings accounts and all banks can join the new system,” the ministry said in a statement on Dec. 21.
Under the new mechanism, which the ministry dubbed ‘Foreign Currency-protected Turkish Lira Deposit Account,’ the interest rates on deposits and the exchange rates at the opening and the maturity date of the deposit accounts will be compared, and the deposit holders will be remunerated from whichever is higher, the ministry explained, adding that no withholding tax would be levied.
Work is also underway to include the participation banks in the new mechanism, the statement said.
“We are continuing on our path with even greater determination with the economic manifesto our president has unveiled. Nobody should have any doubts: The Turkish economy will be the winner of the economic model which is focused on investment, production, employment and exports,” Treasury and Finance Minister Nureddin Nebati tweeted on Dec. 21.
Gov’t reveals mechanism to boost savings in lira - Latest News
A new instrument designed to protect people’s Turkish Lira savings kept in banks against volatilities in the exchange rate have become operational, the Treasury and Finance Ministry has announced.
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That doesn’t help the man on the street that is living hand to mouth. His money and his wage is not protected. His buying power has already diminished.Gov’t reveals mechanism to boost savings in lira
ANKARA
A new instrument designed to protect people’s Turkish Lira savings kept in banks against volatilities in the exchange rate have become operational, the Treasury and Finance Ministry has announced.
President Recep Tayyip Erdoğan heralded the new financial mechanism, which would encourage people to hold lira savings rather than foreign currencies, on Dec. 20 following a cabinet meeting.
The lira gained ground against the major currencies overnight in the wake of Erdoğan’s announcement.
“This product is offered only to real persons and applies to three-month, six-month, nine-month and 12-month savings accounts and all banks can join the new system,” the ministry said in a statement on Dec. 21.
Under the new mechanism, which the ministry dubbed ‘Foreign Currency-protected Turkish Lira Deposit Account,’ the interest rates on deposits and the exchange rates at the opening and the maturity date of the deposit accounts will be compared, and the deposit holders will be remunerated from whichever is higher, the ministry explained, adding that no withholding tax would be levied.
Work is also underway to include the participation banks in the new mechanism, the statement said.
“We are continuing on our path with even greater determination with the economic manifesto our president has unveiled. Nobody should have any doubts: The Turkish economy will be the winner of the economic model which is focused on investment, production, employment and exports,” Treasury and Finance Minister Nureddin Nebati tweeted on Dec. 21.
Gov’t reveals mechanism to boost savings in lira - Latest News
A new instrument designed to protect people’s Turkish Lira savings kept in banks against volatilities in the exchange rate have become operational, the Treasury and Finance Ministry has announced.www.hurriyetdailynews.com
This is only helping people who have foreign currency accounts and brave enough to wish to return to TL.
Minimum 3 months , tied in with no access unless give up on interest and currency gains.
Also, how about millions of people who stuck with TL during these interest rate drops and lost half the value of their savings?
Tough!!!
This new initiative is only for future investments and deposits.
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M
Nah I got more money
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04.01.2021 USD/TR 7,36
21.12.2021 USD/TR 13,02
TL lost %77 against USD nearly in a year and AKP sells this as a success. In 2022 FED will increase the interest rate 3 times. There is a huge inflation wave is coming starting from the second half of January even the official TUIK yearly inflation will pass %30 mark when the December inflation rate is announced.Data from
TCMB - Gösterge Niteliğindeki Merkez Bankası Kurları
Türkiye Cumhuriyet Merkez Bankası, ülkemizde para ve kur politikalarının yönetilmesinden sorumlu kurumdur. Merkez Bankasının temel amacı fiyat istikrarını sağlamaktır.
www.tcmb.gov.tr
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M
Akp supporters will call this a Victory04.01.2021 USD/TR 7,36
21.12.2021 USD/TR 13,02
Data from
TCMB - Gösterge Niteliğindeki Merkez Bankası Kurları
Türkiye Cumhuriyet Merkez Bankası, ülkemizde para ve kur politikalarının yönetilmesinden sorumlu kurumdur. Merkez Bankasının temel amacı fiyat istikrarını sağlamaktır.
