What if inflation has plunged the Turkish population into despair? Even though employees are finding it increasingly difficult to make ends meet amid the country’s economic woes, queues at bakeries with free bread are growing, shopkeepers are selling peanut-baklava and citizens are buying vegetables by the gram. , Turkish President Recep Tayyip Erdogan is seeking a second salary increase for himself this year, of 40.4% this time, as announced by an opposition MP. And all this just a few months before the elections.
The last time Erdogan boosted himself was in January, when his monthly salary rose from 88,000 Turkish lira ($ 5,000) to 100,750 Turkish lira ($ 5,700), an increase of 14.4%.
With the expected second salary increase, which was submitted to parliament as part of an additional budget, Erdogan’s salary will increase to 141,453 Turkish lira ($ 8,100), which is equivalent to a minimum wage of 33, according to a tweet by γκzgür μπbelik έλzelik. Party (CHP) of the official opposition.
The minimum wage in Turkey is currently 4,253 Turkish lira ($ 244).
“Does the financial crisis affecting the president not affect the minimum wage? Should low-wage earners live on 4. 4,253?” Ozel asked.
Recent increases in food and utility prices continue to cripple Turkish purchasing power as annual inflation hit a record 73.5% in May, up from 69.9% in April, the highest level since 1998. .
Critics have blamed the country’s economic woes on Erdogan’s unorthodox economic policies pushing for lower interest rates to fight rising prices.
The central bank again refused last month to raise its key interest rate, keeping it at 14%.
The pound has performed the worst among emerging markets for many years, largely due to investor concerns about economic and monetary policy under Erdogan’s government, leaving households under financial pressure ahead of mid-2023 elections. .
In fact, a few hours ago, investors rang the alarm bell for a new fall of the pound to 19 against the dollar in the coming weeks.
Petros Kranias
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Source: Capital
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