Erdogan urges Turks to convert foreign currency savings to lira

President Recep Tayyip Erdogan called on Turkish citizens and companies on Wednesday to convert their foreign currency savings into Turkish lira, as Ankara seeks to boost demand for the local currency.

Speaking after a cabinet meeting, Erdogan said 163 billion lira ($12.2 billion) had been deposited in accounts under the government scheme that protects lira deposits from forex depreciation.

The lira was by far the worst performer in emerging markets in 2021, as well as in the last few years.

Finance Minister Nureddin Nebati said on Saturday inflation in Turkey will come down to single digits by the time of presidential and parliamentary elections set for mid-2023, after it soared to a 19-year high of 36% in December.

(Reuters contributed to this report)