Turkey pledges to accelerate dollar abandoning
Turkey’s government led by President Recep Tayyip Erdogan made another attempt to rescue the economy. This time, the focus is on lowering the country's dependence on the US dollar. Treasury and Finance Minister Nureddin Nebati has recently announced a plan to speed up the process of de-dollarization. According to Mr. Nebati, “the conversion of forex holdings to the Turkish lira will accelerate in the coming weeks.” The official noted that as of mid-January, more than 131 billion liras ($9.69 billion) had been deposited into accounts under the government scheme to protect lira deposits from depreciation. Speaking about inflation, the finance minister stressed that it was a big challenge not only for Turkey but for the entire world. Yet, he is sure that the country managed to turn the crisis into an opportunity for growth. Nureddin Nebati hopes to see big changes in 2022. Earlier, Turkey’s leader Recep T. Erdogan declared that difficult times were over. Notably, this economic recession was accompanied by a slump in the Turkish lira. The country’s central bank had to introduce a commission for deposits in foreign currency. Experts are sure that the main reason behind the lira’s depreciation is the policy of low interest rates. However, Turkish authorities oppose this view and blame the weakness of the national currency on foreign speculators and opposition.