“The lira closed at 16.765 to the dollar from a close of 16.58 on Monday. It has weakened over 21% this year, on top of a 44% slide in 2021, when it was hit by a series of unorthodox interest rate cuts made despite high inflation.”
I hate this place. My family consisting of my father (chief engineer), my mother (high-level manager) and myself (teaching assistant) now have to ration gas for our single car, even with our combined wages.
Dude, just raise the interest rate, I swear, it will work.
This is what happens when you let religious extremists into politics. They will burn it down to the ground on the basis of “religious ideology”.
We’ll probably default in 6 months or so. A bank run seems inevitable. Honestly I’d prefer that as well. Our economy became unsalvageable.
I refuse to believe that Erdogan is this idiotic to not see what his interest rate policy is doing to the Turkish economy, or maybe he really lost it?
If this keeps up, Turkey is going into a sovereign default.
but why Erdogan – can’t you just abandon ‘unorthodox economic policies’ or at least try the orthodox way for like 6 months for the sake of your people
I dont get this. turkish economy is burning, he is threatened to lost the elections because of it and he still does the same shit
Irrelevant country
I wonder how much longer before you see Turks farming osrs gold to make a living like the Venezuelans
Erdogan is such an idiot.
Hike interest rates. Yes, I know, usury is a sin, blah blah blah. But I’m pretty sure massively, knowingly hurting every citizen in your country isn’t exactly promoted in the Quran, either.
And there are those who still think that Turkey will attack Greece.
This is literally monetary dumping
the definition of insanity is doing the same thing over and over again and then expecting a different outcome.
Turkey should learn something economically from China and other East Asian countries. In order to maintain a stable exchange rate, a country must enhance exportation and reduce importation (both goods and service), when exportation surpasses importation, additional foreign exchange is gained. With foreign exchange increases, national currency gets appreciated and becomes more valuable in market exchange rate. The higher the current account to GDP, the higher the appreciation the national currency will experience.
Japan was once poorer than many western European countries, several decades ago only 360 JPY can exchange one dollar, but Japan had undergone a wave of industry upgrading, by promoting exportation of products worldwide, JPY became more valuable and 2 decades ago, 100 JPY can exchange one dollar. The highest exchange rate was in 1995, when 80 JPY can exchange one dollar. Nearly all East Asian countries are following this way, that’s why we see South Korea and China are improving rapidly, not only gross domestic product but also the wealth of their residents.
Another successful day for Erdocunt.
Everyone thought we’d see the Ruble crumble this year but it turns out the Lira is doing far worse even without most of the civilized world imposing sanctions.
16 comments
“The lira closed at 16.765 to the dollar from a close of 16.58 on Monday. It has weakened over 21% this year, on top of a 44% slide in 2021, when it was hit by a series of unorthodox interest rate cuts made despite high inflation.”
I hate this place. My family consisting of my father (chief engineer), my mother (high-level manager) and myself (teaching assistant) now have to ration gas for our single car, even with our combined wages.
Dude, just raise the interest rate, I swear, it will work.
This is what happens when you let religious extremists into politics. They will burn it down to the ground on the basis of “religious ideology”.
We’ll probably default in 6 months or so. A bank run seems inevitable. Honestly I’d prefer that as well. Our economy became unsalvageable.
I refuse to believe that Erdogan is this idiotic to not see what his interest rate policy is doing to the Turkish economy, or maybe he really lost it?
If this keeps up, Turkey is going into a sovereign default.
but why Erdogan – can’t you just abandon ‘unorthodox economic policies’ or at least try the orthodox way for like 6 months for the sake of your people
I dont get this. turkish economy is burning, he is threatened to lost the elections because of it and he still does the same shit
Irrelevant country
I wonder how much longer before you see Turks farming osrs gold to make a living like the Venezuelans
Erdogan is such an idiot.
Hike interest rates. Yes, I know, usury is a sin, blah blah blah. But I’m pretty sure massively, knowingly hurting every citizen in your country isn’t exactly promoted in the Quran, either.
And there are those who still think that Turkey will attack Greece.
This is literally monetary dumping
the definition of insanity is doing the same thing over and over again and then expecting a different outcome.
Turkey should learn something economically from China and other East Asian countries. In order to maintain a stable exchange rate, a country must enhance exportation and reduce importation (both goods and service), when exportation surpasses importation, additional foreign exchange is gained. With foreign exchange increases, national currency gets appreciated and becomes more valuable in market exchange rate. The higher the current account to GDP, the higher the appreciation the national currency will experience.
Japan was once poorer than many western European countries, several decades ago only 360 JPY can exchange one dollar, but Japan had undergone a wave of industry upgrading, by promoting exportation of products worldwide, JPY became more valuable and 2 decades ago, 100 JPY can exchange one dollar. The highest exchange rate was in 1995, when 80 JPY can exchange one dollar. Nearly all East Asian countries are following this way, that’s why we see South Korea and China are improving rapidly, not only gross domestic product but also the wealth of their residents.
Another successful day for Erdocunt.
Everyone thought we’d see the Ruble crumble this year but it turns out the Lira is doing far worse even without most of the civilized world imposing sanctions.