Economics

Borsa Istanbul converts cash assets into Turkish lira

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After Erdogan called on Turkish citizens to convert their foreign exchange into gold or lira, Borsa Istanbul convert cash assets into the Turkish Lira.

Turkey’s main stock exchange, Borsa Istanbul, has become the first institution to convert all of its cash assets into the Turkish Lira a few hours after President Recep Tayyip Erdoğan called on people and institutions to back the struggling currency against the U.S. dollar.

Borsa Istanbul said in a written statement on Dec. 2 that it would convert all of its cash assets into lira and keep them in lira accounts.

There was no option

Erdoğan called on Turkish citizens to convert their foreign exchange into gold or lira, adding that there was no option other than cutting interest rates to spur growth.

“Those who keep foreign currency under their mattress should come and turn them into lira or gold,” Erdoğan said on Dec. 2 in a speech to mark the opening of an automotive showroom complex in Ankara.

Following his remarks in Ankara, the lira saw fresh lows against the U.S. dollar.

Source: hurriyetdailynews

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