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Turkey: Foreign Currency Demand Soars Amid Lira's Freefall
August 18th, 2020 - 06:00 GMT

Turkey: Foreign Currency Demand Soars Amid Lira's Freefall

The Turkish lira continues to lose value against the US dollar, pushing people to place their foreign currency deposits in banks as a precaution, in a sign of mistrust in economic indicators. The amount of foreign currency deposits in Turkish banks belonging to Turkish residents has reached $248.6 billion, according to official data — the highest level in years. Data revealed that in the period between July 10 and Aug ...
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