The Turkish Lira hit fresh lows against the US dollar after President Erdogan called on people and institutions to back the ailing currency against the dollar.
Turkey’s main stock exchange, Borsa Istanbul, has become the first institution to convert all of its cash assets in TL, following Erdogan urging the country to make that move. He added that there was no option other than cutting interest rates to stimulate growth.
Istanbul Borsa responded with a written statement on 2nd December saying that it would convert all its cash assets into lira and keep them in lira accounts.
“Those who keep foreign currency under their mattress should come and turn them into lira or gold,” Erdogan said on Friday.