The interest rate applies to lira bank accounts. It wouldn't be a good investment, the lira lost 36% to the dollar YTD.

FWIW, around a month ago I researched how to open a Turkish bank account in order to benefit from the high interest rate level by depositing some money there, but I had to give up. It seems to be hard to impossible for a non-resident.

(The OP talks about central bank rates and a recent increase, but consumer banks have had accounts with high rates (relative to other investment alternatives) for a long time. Just nowhere as high as this.)

That's why they have restricted it, e.g., https://www.reuters.com/business/finance/turkey-imposes-rest...

Lira obviously. There used to be a Lira savings account scheme which was protected against FX risk by the government to encourage savings in Lira but I believe that's no longer offered.

turkish lira, venezuela month before a the hiper inflation and total default risk have 30% in dollars. 42% is dumb the inflation 42.5% so probably banks are making bucks here taking debt under inflation rate and lending over it, like happens in aregentina betwen 2008-2014.

Lira.