Following calls from President Recep Tayyip Erdoğan and other Turkish officials for Turkish people and institutions to convert their U.S. dollar deposits into Turkish lira to curb the fall, the parity rate fell below 3.35, the lowest in three weeks, after reaching an historic high of 3.59.

The rate, which started trading at 3.38 early in the day, fell as low as the 3.3410 level at noon on Thursday.

Markets have set their eyes on the Economic Coordination Board (EKK) to be chaired by Prime Minister Binali Yıldırım on 3:00 p.m. local time on Thursday.

Turkish Posts (PTT) announced Thursday it has converted $172 million into liras since the coup attempt on July 15, joining the ranks of other institutions that had announced conversions.