“Turkey’s economic model will show positive results before the summer”

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Turkey’s economic model will show positive results and rapid transformation before next summer, Treasury and Finance Minister Nureddin Nebati said on Thursday.

“The model is based on a high level of exports, reducing the current account deficit and reflected welfare for society as a whole,” he told NTV.

“This is a special model that will attract direct investment,” he added, noting that Turkey received $12.7 billion in direct investment in the first 11 months of 2021.

The Treasury and Finance Ministry on Tuesday announced a new measure in which Turkey will compensate lira depositors for foreign currency fluctuations while encouraging citizens to switch to Turkish lira-based assets.

Under the facility, if the return remains below the exchange rate difference between the opening of the account and its maturity dates despite the interest earned, the agency will compensate the depositor.

The new exchange-protected Turkish lira deposits tool will be available to people who have a lira deposit account with a maturity of three, six, nine or 12 months.

Nebati said new exchange-protected Turkish lira deposits stood at around 10 billion Turkish liras ($880 million) as of Thursday morning, and that amount continues to rise.

“There has been speculation and manipulation on exchange rates until Monday evening. (The Turkish lira) will reach its optimal level,” he said.

Since President Recep Tayyip Erdogan announced new financial alternatives for citizens’ savings on Monday evening, the Turkish lira has rallied strongly over the past three days.

The dollar against the Turkish lira fell from 18.36 on Monday to 10.23 on Thursday – a drop of 44.3%, according to official data.

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