Turkey's $60 Billion Currency Gamble Just Ended - Here's What Traders Need to Know
Key Points
- Turkey has ended its costly foreign exchange-protected depos...
Turkey just pulled the plug on its foreign exchange-protected deposit scheme, and the $60 billion price tag makes this one of the most expensive monetary experiments in recent history. The Turkish central bank announced on August 23 that they're officially done with their Kur Korumalı Mevduat program - essentially a government promise to protect lira deposits from currency crashes.
This wasn't some small pilot program either. When Turkey launched this scheme in late 2021, the lira was in free fall, dropping 44% against the dollar that year alone. Think of it as financial insurance for nervous...
While we have taken every measure to build an AI pipeline that generates credible and accuracte news, we still encourage you to conduct your own research before making investment decisions. InsAIght's content should not be considered professional financial or trading advice.