Turkey’s Central Bank Ends Crisis-Era Lira Protection Scheme
A customer with Turkish lira currency bank notes at a foreign currency exchange bureau in Istanbul.
Photographer: Kerem Uzel/BloombergTurkey officially ended a deposit instrument introduced in December 2021 aimed at supporting the lira during a previous currency crisis.
No new FX-protected lira deposit accounts will be opened and existing accounts won’t be renewed as of Aug. 23, Turkey’s central bank said in a statement on Saturday. Accounts opened before that date will be allowed to run until maturity.