Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Turkish Minister Simsek criticizes Lira savings scheme

  • By Al Mayadeen English
  • Source: Bloomberg
  • 7 Jul 2023 23:47
2 Min Read

Turkey's Treasury and Finance Minister Mehmet Simsek aired severe disapproval of the country's main lira savings mechanism.

  • x
  • Turkish Minister Simsek criticizes Lira savings scheme
     Turkish Finance Minister Mehmet Simsek attends the G20 meeting in Baden-Baden, Germany, 17 March 2017. (AFP)

In a meeting with foreign investors on Thursday, Turkey’s Treasury and Finance Minister Mehmet Simsek aired severe disapproval of the country's main lira savings mechanism.

According to Simsek, the program was a bad idea and resulted in many obstacles.

The Turkish KKM program, or “FX-protected lira deposit accounts,” was initially put forward to encourage people to save in Turkish liras rather than foreign currencies by ensuring returns on lira deposits that account for any potential exchange-rate losses.

Related News

Over 20 world leaders to join SCO summit in Tianjin

Turkish ports require ships to declare no ties to 'Israel'

Since its inception amid a currency crisis in 2021, the total amount of money in the main deposit program has surpassed $100 billion. Because of the program's scale, it has the potential to put pressure on the lira — and the central bank's reserves — if a substantial number of savers opt-out and convert to dollars.

That makes it critical to encourage people to stay in the program, according to Simsek, who questions whether the government now has the capacity to cancel it.

Earlier this week, Turkey's ruling party submitted legislation that shifts the program's expenses to the central bank, rather than the Treasury. Bloomberg reported on Monday that state banks sold $2.3 billion in marketable securities to assist fulfill the demand for dollars caused by aging KKM accounts.

The lira has lost 28% of its value this year, the most among the 31 major currencies monitored by Bloomberg, trailing only the Argentine peso.

According to the sources, Simsek also assured the investors that he had proposed two recognized experts for places on the central bank's monetary committee, although he explained that he was unsure whether his proposals would be accepted.

  • Turkey
  • Mehmet Simsek
  • Turkish lira

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS