Thousands of Turkish citizens are fighting over time, forming huge queues outside gas stations to fill their tanks before midnight.
Within a day gasoline and oil increased by 10%, a breath from 10 pounds per liter. In August it was under 8 pounds and the Turks are living again in 2015, when the price of fuel was in double digits.
In stores, product price tags change on a daily basis.
“With currency volatility, it is very difficult for companies to put prices on their products,” said Chan Selcuki, director general of the Istanbul Institute for Economic Research.
Rising prices, wages in the Tartars compose a death cocktail for the trade.
“It ‘s noon and I just sold 5 accessories. And even if it was a profit again it is not enough. The mobile phone I have in my hand was at 13,000 pounds in a few days it increased to 17,000. “How is it possible to sell a .000 26,000 mobile phone to the teacher you pay 5000 5,000,” says a Turkish merchant.
Another says that people used to buy 3 cheese pies, now they buy 2 or even 1. “Everything has increased. We buy the flour for 420 pounds “, he points out.
The more the pound falls, the more toxic it becomes, and analysts see dollarization.
“But trade is done in dollars. No one sells goods in Turkish pounds. The same goes for credit markets. “The other writes 40 days credit of 1150 dollars”, notes a Turkish merchant.
The government insists on prescribing low interest rates and the deputy finance minister sees speculators everywhere.
“Manipulation attacks on the Turkish lira over low-interest policies will not seriously damage our economy,” said Turkish Deputy Finance Minister Nureddin Nebati.
The markets even see Erdogan’s chair creaking
“I do not see this happening before the election in a few years, it will be a waiting process and the economy is suffering,” said Bloomberg journalist Damian Sassuer.
The pound has lost 10.1% against the dollar since the beginning of the week.
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