In a speech on Dec. 20, Erdoğan introduced a series of steps that he said will ease the burden of a weakened currency on Turks and will encourage them to hold lira savings rather than dollars.

The government promised to guarantee deposits in lira, sending the currency soaring some 25% -- its biggest intra-day rally on record.

Under the measure, the government promised to pay the difference between the value of savings in lira and equivalent dollar deposits. More than half of locals' savings are in foreign currencies and gold due to lira depreciation over the years, according to central bank data.

The announcement prompted thousands to head to exchange offices to exchange dollars.