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News about lira savings: things to know about Erdogan’s plan to shore up Turkish lira

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Highlights

  • Turkish President Erdogan turns to Islam to save Lira
  • appealed to people to save in lira instead of dollar
  • After the announcement, the lira improved by 25 percent against the dollar

Ankara
An Islamist declaration by Turkish President Recep Tayyip Erdogan has strengthened the Turkish lira against the dollar. Turkey’s currency had been falling continuously for the past one year. Now Turkey’s currency lira has become 25 percent stronger against the dollar due to Erdogan’s Islamic rage and interest rate cuts to control inflation. Earlier the price of one dollar was around 7.5 lira, while two days ago this difference increased to 14 lira. Now after the announcement of Erdogan, the price of one dollar has gone up to 11.41 lira.

appealed to save in lira
Erdogan said on Monday that those who save in the lira would not suffer any loss. What happened was that the Turkish people, afraid of the falling prices of the lira, started buying dollars. This further increased the demand for the dollar in Turkey, while the lira began to weaken. After this, Turkish President Erdogan came into action and gave knowledge of Islam. He appealed to the people to stop saving in dollars instead of lira.

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Will Islamic law save the economy?
Erdogan is also doing various experiments to save Turkey’s economy these days. He linked the reduction in interest rates to Muslims and Islam. Responding to his critics, he said that they are saying that we are reducing interest rates. I want to tell them that this is what you can expect from me. As a Muslim, I will do what Islamic law allows us to do. I will continue to do so. This is Islamic law.

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Erdogan has consistently argued that high interest rates lead to inflation, while this is the opposite of conventional economics. The President has removed three central bank governors since 2019 due to the difference in interest rates. Last week’s data showed the central bank’s international reserves fell to $22.47 billion. Turkey’s sovereign dollar bond fell 0.8 cents in the 2034 mark, according to data from Tradeweb.

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Turkey’s economy is going through a crisis these days due to US sanctions. Joe Biden was the first to announce economic sanctions on Turkey after his swearing-in. Turkey is part of the US-led military organization NATO. It has procured the S-400 air defense system from Russia. Turkey has tested this system, after which the US imposed economic sanctions on Turkey.

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Turkish President Erdogan

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