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Turkey: Four ways citizens are trying to survive the financial crisis

Published date: 19 April 2021 15:09 UTC
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Last update: 25 sec ago
Over the decades, Turkish people have learned to be resilient in the face of recurring economic shocks.
Elderly people would regularly keep savings in the form of gold or other valuables under mattresses or pillows, deemed safer than the banking system. Learning to protect oneself from regular financial meltdowns was part of the family heritage received from one s parents.
Now Turkey is facing another currency crisis, which has been dragging on since 2019, with the Turkish lire losing nearly 20 percent of its value in the last 12 months. Central Bank reserves now stand at a $47bn deficit, raising concerns over the balance of payments. Annual inflation hit nearly 16 percent in March and the country s real unemployment rate is almost at 30 percent. ....

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Turkish inflation to jump above 16% after lira decline

Turkish inflation to jump above 16% after lira decline
© CyprusMail 2021
Turkey’s inflation is expected to jump to 16.11 per cent in March, a Reuters poll showed on Wednesday, rising for a sixth straight month after the sharp decline of the lira.
The lira lost nearly 11 per cent of its value in March, in a selloff that sharpened dramatically after President Tayyip Erdogan sacked the hawkish former Central Bank Governor Naci Agbal because Agbal raised interest rates. Erdogan continues to control the central bank and reportedly intends to push for an interest rate cut on April 15.
Stoked by concerns that the central bank would revert to unorthodox policies under the new. ....

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Women rise up as Turkey quits violence treaty

Women rise up as Turkey quits violence treaty
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Roundup: Erdogan urges confidence in stormy Turkish economy

Roundup: Erdogan urges confidence in stormy Turkish economy
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Turkish lira languishes near record low after central bank chief sacking

Turkish lira languishes near record low after central bank chief sacking
metro.us - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from metro.us Daily Mail and Mail on Sunday newspapers.

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