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Turkey’s de-dollarization to accelerate in coming weeks: Minister

Turkish Finance Minister Nureddin Nebati said on Saturday that de-dollarization will accelerate in the coming weeks.

Speaking to heads of nongovernmental organizations in Istanbul, Nebati said inflation in Turkey will come down to single digits by the time of presidential and parliamentary elections set for mid-2023, after it had soared to a 19-year high of 36% in December.

He also said the conversion of forex holdings to Turkish lira will accelerate in the coming weeks.The minister added that as of Friday night more than 131 billion lira ($9.69 billion) had been deposited in accounts under a government scheme that protects lira deposits from forex depreciation.

The scheme unveiled last month was designed to make citizens feel safer about holding their savings in a bank.

The scheme effectively ties the value of special new deposits to the United States dollar by promising to compensate for losses incurred from swings in the exchange rate.

Source
dailysabah

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