A historic dip today for the Turkish pound, with the central bank trying in vain to hold it back, putting large amounts of foreign exchange back on the market.
Product prices are soaring, with allegations of speculation by traders multiplying.
And while the patience of the Turks is running out, Erdogan talks about a test from Allah!
First he said he has a plan for the economy. Then against the slump of the pound he put increases in wages, jobs and investments.
Now, Tayyip Erdogan has reached the point of presenting the financial woes of the Turks as a will of God …
“We as Muslims see the worldly as a test. Our God in the Qur’an has said I will put you to the test with a little hunger, with deprivation of goods, of lives from products. Give the joyful news to those who are patient. That’s how it defines “
The patience of the Turks has been exhausted.
With each passing day, the pound experiences another record low. The central bank was forced today for the third time in 10 days to put foreign currency on the market to stop the fall. In vain again. From 13.93 against the dollar, the pound recovered to 13.81 to soon reach again at 13.95.
Merchants are already withdrawing products from the shelves in order to sell them later at a higher price, at a time when people are cutting their purchases to what is absolutely necessary.
Officially, inflation in Turkey is at 21.31%, but in practice it is estimated that it is approaching 60% at a time when the pound has lost close to 40% of its value since September.
All this, of course, results in the intensification of political pressure on the Turkish President.
Specifically, a few hours ago, the Mayor of Istanbul, Ekrem Imamoglou, attacked the government as due to the devaluation of the pound and impoverishment, significant problems are identified within his municipality.
He said Turkey was currently experiencing the worst impoverishment in its history.
“We have never become poorer so quickly,” he said
However, numbers also confirm Imamoglu’s positions as the country’s budget, as submitted in October, had reached 204 billion dollars and within two months, due to the devaluation, it was reduced to 135 billion.
The basic salary in Turkey has reached particularly low levels at the same time, as from 415 euros it is estimated that it may have been lower than 185 euros.
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