Erdogan urges Turks to convert foreign currency savings to lira

President Tayyip Erdogan called on Turkish citizens and companies on Wednesday to convert their foreign currency savings into Turkish lira, as Ankara seeks to boost demand for the local currency.

Speaking after a cabinet meeting, Erdogan said 163 billion lira ($12.2 billion) had been deposited in accounts under the government scheme that protects lira deposits from forex depreciation. ($1 = 13.4046 liras)