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Following unprecedented growth last week, which was caused by the introduction of a new deposit instrument to protect depositors from currency depreciation, the Turkish lira plunged sharply against the US dollar as it headed towards equilibrium.
In accordance with the mechanism announced last week, the government will compensate for losses incurred by holders of lira deposits if the depreciation of the lira against hard currency exceeds bank interest rates. Despite the fact that such a move provoked a surge in the exchange rate last week, questions remain about the possible fiscal and inflationary impact of the policy.
President Recep Tayyip Erdogan said the central bank will not rush to stabilize the exchange rate, saying it will settle it itself.
Ibrahim Aksoy, HSBC Holdings Plc Turkey's chief economist, said the comments of the president could indicate that his government is seeking to maintain the exchange rate.
"Despite this, Turkish residents are still trying to buy foreign currency," Aksoy said.
He added that if the possible sales of foreign currency by the central bank decrease, then the rate of upward movement of the dollar may increase.
According to the data, the producer confidence index fell in December, reflecting the effects of the extreme volatility observed this month.
The Turkish Stock Exchange applied the so-called growth rule for the Borsa Istanbul 100 benchmark stock index, and at the start of trading, the index rose by as much as 5%.
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