Turkish financial institutions will operate only with local currency

Turkish financial institutions started taking measures to rescue the Turkish lira amid continued drastic devaluation against the USD dollar. The Savings Deposit Insurance Fund of Turkey decided to operate only with local currency in attempts to rescue it and increase its worthiness. Previously, the Istanbul Stock Exchange also decided to carry out all operations with local money.

“In our financial transaction will not be used foreign currency, and we will work only with Turkish lira”, says the official statement of the Savings Deposit Insurance Fund of Turkey.

Also, the Turkish President Recep Tayyip Erdogan called on Turkish citizens to sell US dollars and buy gold and Turkish lira.

“Let those who have foreign currency under the pillow, to exchange for gold and Turkish lira to increase the value of the currency”, asked the President Recep Tayyip Erdogan.

According to financial institutions, the gold is the most advantageous investment to protect the income of Turks from inflation in recent times. Investing in gold has brought an earnings of 9.26% this year, while profit from the investment in US dollars brought 5.94%.

On Friday, the Turkish lira fell to a record 3.55 TRY per USD, but in November was devalued by more than 10%. Since the beginning of the year the pound fell 14% against the greenback because of investor fears after the results of the US presidential election and the failed coup attempt in Turkey.

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