In addition, the Turkish Lira depreciated by 40% not only against the euro but also against almost all currencies.
Wtf. I still remember it being 20 and that was considered a big deal.
Turns out the “interest lobby” was right all along. Who knew going against the basic economics of raising interest rates in times of crisis would lead to inflation.
the situation was bad already when I was there and it was 18 lira/euro
Turkey’s economy is currently in freefall, and that’s likely why we are seeing them reorient in an attempt to curry favor with Europe and the West in general. Russia can’t help them any more.
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Source : [https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-try.en.html](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-try.en.html)
In addition, the Turkish Lira depreciated by 40% not only against the euro but also against almost all currencies.
Wtf. I still remember it being 20 and that was considered a big deal.
Turns out the “interest lobby” was right all along. Who knew going against the basic economics of raising interest rates in times of crisis would lead to inflation.
the situation was bad already when I was there and it was 18 lira/euro
Turkey’s economy is currently in freefall, and that’s likely why we are seeing them reorient in an attempt to curry favor with Europe and the West in general. Russia can’t help them any more.
Fuck erdogan
/r/leopardsatemyface