USD/TRY drops back to 12.00 as Turkey will promote conversion of gold savings into liras

"If the lira's depreciation versus gold exceeds bank interest rates, the central bank will make up for losses incurred by holders of lira deposits," Hurriyat reports, citing quotes from the Turkish official gazette.

Key takeaways

Turkey will promote the conversion of gold savings into liras.

This is a one-time assistance program for depositors who converted their gold savings accounts.

Turkish bill would bring 'order' to the bitcoin market.

Market reaction

USD/TRY popped and dropped on the above announcement, reaching as high as 12.54 before reversing sharply to 12.05, where it now wavers. The spot is still adding 2.40% on the day.