The pound is in free fall without a… parachute, but Tayyip Erdogan his hava, even invoking the Koran for his economic policy! However, in the neighbor there is despair among the citizens. Now 1 dollar is worth as much as 12 pounds, while 1 euro is worth 13.55 pounds.
Indicative of the dissatisfaction, despite the oppression, is the… caustic front page of a newspaper.
According to Manolis Kostidis, the left-wing newspaper BirGun has a front page against Erdogan with the headline “Turkish Nero!” a very hard front page, in which it is claimed that the Turkish president for his personal obsessions and economic theories and contrary to what he is told, destroys everything in the economy, burns everything, and, as it is claimed, “leaves”. The front page was discussed on social media, when the government leaflets do not say anything about the state of the Turkish economy.
Economists say there is no economic theory that while inflation is rising you are lowering interest rates, but he insists there is a theory that he will succeed against all odds. In fact, he cites a surah from the Koran, clarifying to his party’s KO that things are clear, interest is prohibited. “Then the interest rates should go to 0%” are the answers from the opposition.
Bread is expected to increase greatly, flour has increased by 100%, there is plenty of other necessities, but because people rush to buy there is a restriction, ie sugar, coffee, etc. are sold with the coupon. At the same time, trade is done in euros and dollars, as the Turkish pound is constantly losing value. Gasoline yesterday Wednesday had a 15% increase and IX queues formed at gas stations.
It is estimated that the pound has lost 68% of its value against the dollar and the euro since the beginning of the year, while official inflation is 19%, while real inflation is estimated at 45% to 50%.
The dramatic recent downturn in the Turkish economy has led Recep Tayyip Erdogan to make a major shift in his strategy by restoring relations with the United Arab Emirates. Abu Dhabi reportedly intends to invest $ 10 billion in the neighbor, according to Turkish media, but no one says what it will get from Turkey.
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