Economic gloom fuels flight from Turkish lira

With the lira hitting fresh lows against the euro, Al-Monitor runs a piece citing Turkish central bank data showing Turkish citizens, as well as companies and banks, are fleeing the lira in favor of foreign currencies in attempt to preserve the value of their savings against inflation. In late February, foreign exchange assets in banks in Turkey totaled $208 billion, a $28 billion increase from the previous year, according to the Turkish central bank.

 

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