Near the end of 2021, Turkey's government undertook a bold measure to stabilize the lira after the currency got clobbered throughout much of the year. The basic idea is that the government would pay savers to lock up their currency in lira, and compensate them if it fell too far against the dollar. But can it work? Does it address the core problem of the Turkish economy? To understand more, and to get the perspective of outside investors, we speak with Paul McNamara, a fund manager at GAM and a veteran EM watcher, to get a handle on the government's new measure, the challenges with it, and why Turkey is prone to so much volatility.
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