Turkey’s Flagship Tool to Support Lira Gets Tax Break Extension

Turkey will extend a tax exemption on state-backed bank accounts that aim to cut demand for foreign currency to the end of 2023, according to people with knowledge of the matter.

The Treasury and Finance Ministry sent the regulation on withholding tax — a levy on interest earned on bank deposits — to President Recep Tayyip Erdogan for approval, the people said, asking not to be identified because the decision hasn’t been made public yet.