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The Turkish lira is falling further, erasing last week’s gains

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The Turkish lira fell by two percent on Tuesday 12/28, continuing its heavy losses incurred yesterday and reversing the gains made last week, amid concern about the country’s monetary policy.

At 0800 GMT, the lira fell 1.7 percent to 11.9 pounds to the dollar, after it fell to 11.949 pounds to the dollar.

Despite its big gains last week, the lira has lost 37 percent of its value against the US dollar so far this year.

The lira rose more than 50 percent last week after billions of dollars in government interventions in the market and the government’s move to protect deposits.

President Recep Tayyip Erdogan announced last week a measure that would incentivize depositors to convert their foreign currency savings into lira, with the public treasury and the central bank compensating them for losses related to the currency devaluation.

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