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AP National Business

Turkish lira rebounds after Erdogan promise to help deposits

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KMIZ

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Published 2:30 AM

By ZEYNEP BILGINSOY
Associated Press

ISTANBUL (AP) — The Turkish lira was making significant gains Tuesday after the country’s president announced new measures to safeguard deposits in the national currency against currency fluctuations. The lira hit an all-time low of 18.36 against the U.S. dollar Monday but rebounded to a high of 11.09 Tuesday morning. The currency has been on a rollercoaster ride since the central bank began lowering interest rates in September, and saw extreme volatility in the past weeks when the lira kept hitting record lows. President Recep Tayyip Erdogan said Monday the government would cover losses incurred by lira deposit holders in cases when the lira’s depreciation against foreign currencies exceeds the banks’ interest rates.

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