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Turkey: Households in despair over the 30% drop in the pound in November

Turkish citizens are in despair with the free fall of the Turkish pound as prices continue to rise and prices for basic necessities rise, and DEVA leader Ali Babacan says Erdogan’s international investment is not enough. to support the Turkish economy.

According to SKAI, the situation in the market is desperate, as meat has become a kind of luxury for impoverished citizens and traders are even selling bones, provoking reactions from the opposition against Tayyip Erdogan.

Republican People’s Party MP Gursell Tekin said: “Our people look like this here. They have taken out their meat and it has been left with a bone…”.

Within a year, Turkish citizens have lost 68% of their savings from the devaluation of the Turkish pound.

At the same time, Tayyip Erdogan insists on his own mathematics: “I tell you that the interest rate is a cause and not an effect. Inflation is the result. He talked about low interest rates from the beginning and says:” this interest rate will fall “.

At the same time, the removal of the executives of the Turkish Central Bank continues, after yesterday the head of purchases, Doruk Kiucuksarac, who was appointed to this position in August 2019, resigned. of.

Today, the pound is showing stabilizing trends after last night’s new fall to 14 against the dollar, caused by new statements by Turkish President Erdogan, to continue interest rate cuts until the elections, despite rising inflation and strong criticism.

The pound is at 13.40 against the dollar, almost unchanged after closing Tuesday, when it fell 8.6%.

The Turkish currency has lost 47% of its value this year (it lost 30% in November alone), eroding the profits and savings of Turkish citizens, leaving them even searching for some imported drugs.

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Source From: Capital

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