The dollar fell against the Turkish lira to below 11 lira

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The exchange rate of the Turkish lira against the dollar today, Thursday, at 2:20 pm, recorded 10.76 liras.

The Turkish lira has continued to improve remarkably and rapidly since last Monday evening, following the statements of Turkish President Recep Tayyip Erdogan and the new decisions he announced.

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On Monday evening, the Turkish lira witnessed a significant recovery of more than 33 percent, after President Erdogan’s statements about a new financial instrument, reaching 12.2756 against the dollar.

Prior to the statements, the exchange rate of the Turkish lira against the dollar reached 18.3674, then fell to 12.2756 at 23:00 (3 GMT).

On Monday, Erdogan said, “Turkey will launch a new financial instrument that will allow achieving the same level of potential profits for savings in foreign currencies by keeping assets in local currency.”

“We will provide a new financial alternative for our citizens who wish to dispel their fears caused by the high exchange rates,” he added in a press conference after a government meeting at the Presidential Complex in Ankara.

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He continued, “From now on, there will be no need for our citizens to transfer their savings from the lira to foreign currencies, for fear of an increase in exchange rates.”