ISTANBUL (National Times) – Turkey s lira has made an overnight comeback as the country s president revealed a new financial mechanism to shore up the currency.

On Tuesday morning, the lira/dollar exchange rate dropped to 11.2248 as of 9.30 local time (0630GMT), as it gained almost 40 percent against dollar since Monday evening.

Turkiye s President Recep Tayyip Erdogan on Monday said the new instrument would allow potential investors in foreign currencies to get the same results while sticking to the lira.

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.

The fresh measures come in the wake of rising prices and exchange rates as the government pursues its “new economic model,” which emphasises opposition to high interest.