As the value of the lira plummets and inflation soars, Turkish citizens are struggling to adapt and survive
– in defiance of economic convention. After slashing it from 19% at the start of September to 15%, it was trimmed again to 15% on Thursday, driving the lira to a new lows.
Gold sellers in Istanbul are seeing increased demand as people try to offload the ailing Turkish currency.Seda says she is looking to sell her gold to buy a house. “My husband said we should get the gold assessed. We’re undecided about what to do because the price of everything is fluctuating,” she says. “We can’t get a loan to pay for it as we can’t trust what will happen with the currency. I don’t know what to do.
Erdoğan spoke at the weekend about how he had lowered Turkey’s inflation to 4% before and promised to again achieve that 2011 level soon, but most economists see his approach as reckless and predict a rate above 30% next year. Many of Turkey’s leading financial figures agree, and the country, while former finance minister Lütfi Elvan quit at the beginning of December.
. “It’s similar to the finance ministry, Elvan was seen as the last sensible person on policy and he was replaced by another Erdoğan loyalist.”told the public earlier this month
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