Panic prevails in Turkey against the background of the pound’s downfall. Citizens are running to the supermarkets to buy coffee, oil and sugar, which are now sold with restrictions, while yesterday there were demonstrations with people protesting about their financial situation. In fact, in the central Taksim Square, the police have installed railings for fear of new gatherings.
In economic terms, trade is “frozen”, as there is no credit and transactions between traders are made only in cash and exclusively in euros and dollars. Banks have closed the… financing canal and are not lending, while real estate transactions are canceled, given the uncertainty about the exchange rate the next day. At the same time, there is chaos in e-commerce, while mobile phone companies such as Apple and Samsung have stopped selling devices in the country.
It is in this climate that Recep Tayyip Erdogan today welcomed his former enemy and current savior, the heir to the throne of the United Arab Emirates. Sheikh Zayed bin Sultan Al Nayyan has promised $ 10 billion in investment to the Abu Dhabi state treasury, which will help the Turkish economy, but it is not enough. It seems that these funds will now be invested in giving a breath of fresh air to the Turkish government, but the Turkish economy needs many billions to recover.
It is noted that the Turkish president is in the crosshairs of his political opponents who call for elections “here and now”.
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