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Lira mounts historic 25% rally as Erdogan moves to protect savings

Erdogan introduced a series of steps late on Monday that he said will ease the burden of a weakened currency on Turks

Turkey, Turkish, lira
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Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey

Reuters Ankara
Turkey's lira rocketed back from record lows in volatile trading on Tuesday after Turkish President Tayyip Erdogan proposed measures to protect local currency savings against such swings.

Erdogan introduced a series of steps late on Monday that he said will ease the burden of a weakened currency on Turks and encourage them to hold lira rather than dollars.

Under Erdogan's plan, his government promised to guarantee deposits in lira, sending the currency soaring some 25 per cent, its biggest intra-day rally on record, at one point on Monday.

The Turkish currency, which has lost 44 per cent of its value against the greenback

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