This has to be one of the biggest FX candlesticks of all times!
Turkish President Recep Tayyip Erdoğan on Dec. 20 announced a series of measures to encourage lira-denominated savings, easing the pressure on the Turkish currency.
In a televised speech following a Cabinet meeting, Erdoğan said the government would offer a new financial vehicle that would “alleviate" the concerns of citizens who have been buying foreign currency, fearing that returns on their lira savings are being eroded. Turkish lira deposit holders would be compensated for possible losses from the decline of the local currency, he said, but did not provide details. “From now on, our citizens won’t need to switch their deposits from Turkish lira to foreign currency, fearing that the exchange rate will be higher," Erdoğan said.
This Turkish serial is to be continued: While the government called the lira's rebound on Monday a major win on policy, economists have said Erdogan's economic program based on low-interest rates is reckless and expect inflation.
Trump was known for his Trumponomics but Erdogan has taken his Erdonomics to the NEXT level! Simply EPIC volatility and very risky decisions against the logic and his people.. not sure if I would want to trade this one.
Despite being a Greek Cypriot, i am hereby sending my regards to all Turkish friends. Wish you all a Merry Xmas and a good future close tot eh West, not against the West.
One Love Arkadaşlarım,
the FXPROFESSOR
Turkish President Recep Tayyip Erdoğan on Dec. 20 announced a series of measures to encourage lira-denominated savings, easing the pressure on the Turkish currency.
In a televised speech following a Cabinet meeting, Erdoğan said the government would offer a new financial vehicle that would “alleviate" the concerns of citizens who have been buying foreign currency, fearing that returns on their lira savings are being eroded. Turkish lira deposit holders would be compensated for possible losses from the decline of the local currency, he said, but did not provide details. “From now on, our citizens won’t need to switch their deposits from Turkish lira to foreign currency, fearing that the exchange rate will be higher," Erdoğan said.
This Turkish serial is to be continued: While the government called the lira's rebound on Monday a major win on policy, economists have said Erdogan's economic program based on low-interest rates is reckless and expect inflation.
Trump was known for his Trumponomics but Erdogan has taken his Erdonomics to the NEXT level! Simply EPIC volatility and very risky decisions against the logic and his people.. not sure if I would want to trade this one.
Despite being a Greek Cypriot, i am hereby sending my regards to all Turkish friends. Wish you all a Merry Xmas and a good future close tot eh West, not against the West.
One Love Arkadaşlarım,
the FXPROFESSOR
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