The faltering Turkish economy is also causing serious problems for the Turks in international trade.
According to the Turkish newspaper Sozu, British business credit cards are no longer accepted in Britain, because the sharp change in the exchange rate causes problems, with the Turks fearing the worst, that is, that the same will happen to the EU.
Only today, Thursday, did we devalue the Turkish pound by 6% against the dollar and by 6.5% against the euro!
Turkish economic analysts likened the Turkish economy “like a truck with broken brakes.” “We do not know where we will stop,” they said characteristically to Manolis Kostidis.
Turkish citizens are paying dearly for Erdogan’s obsession with his unorthodox economic policies. The country’s central bank cut interest rates for the fourth time on Thursday, sinking the pound even further, with Erdogan trying to appease the world by announcing an increase in the basic salary.
To quell workers’ anger, the Turkish president announced a 50.44% increase in the minimum wage from 2022 to 4,250 pounds from 2,826 today.
He asked companies to pay employees ρες in pounds instead of dollars or euros.
“In this country, did you pay the workers in dollars or euros? You do not need such speculative moves. We have our own currency, and that is the Turkish pound. “We will not allow our currency to succumb,” he said.
The central bank cut interest rates for the fourth time against any economic theory. The pound plunged up to 15.7 against the dollar and up to 17.8 against the euro.
Reacting, DEVA leader Ali Babacan commented that “since November 1 alone, the dollar has risen 60%. This change will affect our citizens next January, February, March and April. That is, the basic salary that was announced today will start to lose its value before the end of January “.
Prior to the new interest rate cut, Erdogan had sent home the other two deputy finance ministers …
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