Turkey's lira gained more steam and was up 15% on Tuesday, extending its historic recovery from record lows, after President Tayyip Erdogan unveiled a plan he said would guarantee local currency deposits against market fluctuations.
The currency dipped then strengthened in volatile trade to 11.0935 versus the dollar at 0621 GMT, from a close of 13.15. It stood at 11.6 at 0627 GMT.
In a late Monday speech, Erdogan said the series of steps will ease burdens from a currency crash over the last few weeks and encourage Turks to hold lira savings rather than dollars.
He did not detail how the government would fund the potentially expensive and inflationary initiative.
Before the announcement, the lira was down more than 10% at an all-time low of 18.4 against the dollar. It later shot back to as far as 12 - its biggest intra-day rally on record - to end the day up 25%.
Some $1 billion was sold in markets after his announcement, the head of the Turkish Banks Association said. According to the calculations of three bankers, around $1-1.5 billion in savings were converted to lira on Monday night