The new financial mechanism called the Turkish Lira Deposit, which is protected from exchange rate fluctuations, ensures that the Turkish Lira depositor does not fall victim to exchange rate fluctuations.
Mahmud Gorgan, Deputy Minister of Treasury and Finance of Turkey, said that local currency deposits, according to the new financial mechanism, amounted to 107.6 billion liras by January 7.
This came in his speech – today, Monday – during an economic meeting of the Justice and Development Party branch in Istanbul.
Gorgan added that the volume of local currency deposits was 28.2 billion pounds on December 24, and it rose to 107.6 billion by January 7.
He noted the great interest in the new financial mechanism.
On December 20, Turkish President Recep Tayyip Erdogan said – at a press conference in Ankara – that his country would launch a new financial instrument that would allow achieving the same level of potential profits for savings in foreign currencies, by keeping assets in lira.
And the new financial mechanism called the Turkish Lira Deposit, which is protected from exchange rate fluctuations, guarantees the lira depositor not to fall victim to exchange rate fluctuations, and to obtain the declared interest, in addition to the difference in the dollar price between the time of deposit and withdrawal.