President Recep Tayyip Erdogan has said Turkiye launched a historic change in economic policy, putting aside the 'classical understanding' of controlling inflation with high interest rates.
Finance Minister Nureddin Nebati says his ministry worked with Central Bank for days to study alternative scenarios and found that "even in the worst-case scenario" lira-holders will "come out better off."
President Recep Tayyip Erdogan said the government is presenting a new financial alternative for citizens' savings to soothe their worries over exchange rates – which have reached record highs in recent days.
Finance Minister Lutfi Elvan says Ankara will establish a finance-tech base and create lira-equivalent digital money.
Both Lutfi Elvan and Naci Agbal are experienced hands who understand the lira’s vulnerability and other challenges confronting the economy.
How are governments adapting to disruptive digital currencies like bitcoin and blockchain payment systems?
Syrian regime leader Bashar al Assad removed his prime minister of four years, as the country grapples with a stinging economic crisis and renewed protests. He is replaced by Water Resources Minister Hussein Arnous for an interim period.
The interim government and local councils announced the decision amid the Syrian Pound’s freefall as economic conditions worsened.
Experts say such threats are not new to the country and its banking regulator knows how to deal with such unethical financial conduct.
Finance Minister Berat Albayrak says the total value of the support has reached 200 billion lira ($28.7 billion), as coronavirus lockdown endures and death toll rises to 2,600.
Turkey's president is accusing the West, particularly the US, of manipulating lira rates ahead of nationwide local elections on Sunday.
Property investors have been flocking to Turkey in a bid to grab houses and apartments following lira's steady decline against the dollar and euro.
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