Deposits in foreign exchange rose by $1.3 billion for the week ending 10 August
On Friday morning, Erdogan called for the people to convert their foreign currencies and gold to lira in order to aid the country in its economic warfare against the US.
That didn't turn out so well at the time as the lira continued to fall against the dollar and weakened further on Monday (USD/TRY closed in on 7.00). If you take out gold, the deposits actually rose by $974 million last week.
But evidently it looks like "they" have started to listen this week as the lira has continued to strengthen against the dollar since Tuesday and is now trading around 5.80 versus the greenback. Power to "the people"?
