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Turkey directs citizens to dump US Dollars for Lira savings as store of value

President Recep Tayyip Erdogan of Turkey

*The Turkish Government is urging the population to invest their savings in Lira time deposits that ‘offer protection from currency depreciation’ in regard to the United States Dollars

Alexander Davis | ConsumerConnect

The Turkish Government is pushing its Lira-rescue plan further with an advertising campaign to convince the populace to convert their savings to the local currency.

ConsumerConnect gathered that an official video broadcast on the national television and the social media platforms Sunday, January 30, 2022, applauded Turkish citizens’ hard work, while urging them to invest their savings in the country’s currency Lira time deposits that “offer protection from currency depreciation.”

Turkish Lira Placed on US Dollars Photo: TMGrup

The Lira has fallen against the United States (US) Dollar in recent years, plummeting to unprecedented levels toward the end of 2021, agency report said.

It is recalled President Recep Tayyip Erdogan of Turkey introduced a set of measures December 20, 2021, to halt the collapse, and the currency has been relatively stable January 2022.

President Erdoğan is a Turkish politician serving as the 12th and current president of Turkey since 2014. He previously served as Prime Minister of Turkey from 2003 to 2014, and as mayor of Istanbul from 1994 to 1998.

The country’s Central Bank has also placed the Lira at the centre of its policy and promised the protect it as the national currency, report noted.

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