Turkey has not experienced such an economic situation since 2001. The Turkish pound is falling, the market is freezing and the government is insisting on this policy.
The Turkish government with the statistical service announces that inflation is around 19.8%. But the market says different things.
All commodities have grown by 40, 50, 60% in just a few months. And what is causing great concern is that the coming months will be even more difficult.
The sharp devaluation of the Turkish pound by 70% against the euro and the dollar – according to Cumhuriyet – 80% since the beginning of the year – has caused great upheaval in the market.
And this will certainly continue.
Product demand has plummeted and forecasts are worse for the coming months as they argue that inflation will skyrocket.
Of course, the Turkish president promises better days.
Meanwhile, the financial markets, as it seems, do not trust the new Minister of Finance, with the result that the pound has depreciated by 3% against the euro and the dollar.
Turkish citizens consider him a follower of Erdogan’s son-in-law and fear worse days.
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