Chaos prevails in Turkey, as -official- inflation rose to 21.31% in November, according to the Turkish statistical service Turkstat. In November 2019 it was 10.56%, ie it has more than doubled. Analysts estimate that real inflation exceeds 40%, dramatically squeezing citizens’ incomes.
Credit rating agency Fitch Ratings announced on Thursday that it downgraded Turkey’s debt outlook from ‘stable’ to ‘negative’.
Turkey has recorded double-digit inflation almost continuously since the beginning of 2017, making the cost of living very unbearable for many families.
The pound is falling
At the same time, the Turkish pound continues to fall. At 15.67 pounds it equals one euro, while at 13.88 pounds the dollar.
The new upheavals come after the resignation of the Turkish Finance Minister on Thursday and the appointment of Erdogan, who is also a supporter of low interest rates, a policy that economists and markets find deadlocked.
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