Turkiye's Finance Minister Nureddin Nebati says the country's currency is gaining value and lira-depositors will profit even in 'worst-case' exchange market scenario
Finance Minister Nureddin Nebati says his ministry worked with Central Bank for days to study alternative scenarios and found that"even in the worst-case scenario" lira-holders will"come out better off."
"The Treasury and Finance Ministry has worked with the Central Bank for days, studying alternative scenarios. Even in the worst-case scenario, individuals [lira-holders] come out better off," Nebati told local broadcaster"We have a strong economic model. The basis of our model is high growth and a low current account deficit," he said.
Nebati's comments came hours after his ministry announced a new measure in which Turkiye will compensate lira depositors for foreign currency fluctuations while encouraging citizens to move towards Turkish lira-based assets.Under the facility, if the yield remains below the exchange rate difference between the account opening and its maturity dates despite the earned interest, the Treasury will compensate the depositor.
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