The Turkish Finance Ministry has announced their new measure (singular):
:: New deposit instrument to be used by individual investors, the minimum interest rate will be CBRT rate. In maturities of 3, 6, 9 and 12-months. If the FX change is above the CBRT rate, the difference will be paid in TRY to accounts.
:: The FX rate difference is to be calculated between TRY deposit account open/close dates; the rate will be announced every day at 08:00GMT/03:00EST by the CBRT.
This boils down to 'guaranteed saving bonds' - Though how "guaranteed" they are is anyone guess.
It's certainly not the bazooka that is needed to fix the Turkish monetary woes.
The Lira hasn't budged on the announcement, but it's hard to imagine that Mr Market will see this as enough to quell the TRY weakness for long.
