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Bloomberg: Do you look like a robot?


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    Turkey took a first step away from a tool designed to halt a selloff in the lira by imposing a rule that banks must increase their government bond holdings if they don’t convince their clients to shift to regular deposits in the currency.

    The decision is aimed at weaning Turks off of so-called KKM accounts, in which people are offered generous interest rates to deposit lira in a mechanism whose return increases the more the lira depreciates, rather than exchanging the cash for more stable foreign currencies. Bloomberg News first reported in July Turkey’s government would look to terminate the program.

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