Turkey’s Erdogan announces moves to encourage lira savings

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has announced a series of measures to encourage lira-denominated savings, easing pressure on the beleaguered Turkish currency. The announcement came Monday after the lira tumbled to an all-time low of 18.36 against the dollar after Erdogan over the weekend stood firm on his policy to lower interest rates despite rising consumer prices. In a televised speech following a Cabinet meeting, Erdogan said Monday the government would offer a new financial vehicle that would “alleviate” concerns of citizens who have been buying foreign currency, fearing that returns on their lira savings are being eroded. The lira has lost 55% of its value, making making everyday goods more expensive.