Turkey’s currency has fallen 55 percent against the dollar this year, but President Recep Tayyip Erdogan is not worried.
The lira fell sharply this week, but the country’s longest-serving president announced at a press conference that the rate had dropped.
The question here is why is Mr Erdogan further complicating the country? in addition to its problems including rising commodity prices, unemployment and poverty.
The reason for the depreciation of the Turkish lira is the new economic policies issued by the President to reduce interest rates and exports to compete with foreign exchange.
According to some economists, inflation can be controlled by increasing interest rates, but for Mr. Erdogan, interest rates are seen as a negative factor that increases the power of the powerful and the poor. poverty.
Sevim Yildirim, told the BBC that now the price of everything has gone up even in the grocery market, saying it is difficult to be able to feed your family three times because of the high cost of groceries.
Globally, inflation is rising, and central banks are raising interest rates. But not in Turkey because Mr Erdogan believes there will be a reduction in inflation.
In the past three years, Mr Erdogan has fired three central bank governors and this week replaced the country’s finance minister. As a result, the value of the lira continues to plummet.
Turkey’s economy is heavily dependent on imports for domestic production, including food and clothing, which has had a significant impact on the value of the lira.
For example, in order to produce good tomatoes in the country, tomato growers have to buy imported fertilizer and gas.
In August, tomato prices increased by 75 percent compared to last year.
Sadiya Kaleci, who used to grow grapes in Pamukova, a small town three hours’ distance from Santanbul, was asked how she could make money from the business. She says they sell goods cheaply, but also buy expensive items, such as diesel and fertilizer.
Feride Tufan, a farmer, complains that her only source of income is to sell her property on credit, saying that we sell it to pay off the debt, but when we sell everything we come back with nothing.
The Turkish lira fluctuates constantly, causing commodity prices to fluctuate daily. Ayran, a businessman, says he has cut back on spending because if you want to pay your employees then you have to cut back.
Superintendents have been posting on their social media pages how prices have gone up.
Traders have published how the prices of blue band and olive oil, tea and coffee leaves and toilet paper have gone up.
Izmir, a baker in Turkey, explains how the price of bread has gone up due to rising prices of cakes such as flour and celery.
Debt settlement is a major problem for the private sector and many companies make a profit by hiding their weekly commodities to sell due to the fluctuating value of the country’s currency.
There are long queues outside petrol stations and outside local government offices where cheap bread is being offered.
Opposition parties have stated they will not run in the by-elections.
Young people now use social media to express their frustration with the way things are going in government.
There is now one in five young people out of work, which is even worse for women.
The problem of inactivity
Turkey ranks fourth in the world in terms of youth unemployment and lack of education.
When young people in Turkey compare themselves with their counterparts in other countries, they say it is a pity, because there is a wide gap.
An 18-year-old man in Turkey says that a young man like him in the United States or in another European country can buy an iPhone with his salary, but in Turkey, even if they work, they cannot afford it.
In the country’s 2023 elections, there are 9 million Turks eligible to vote, so there is a big role for young people.
A video that has been circulating on social media shows a woman praising President Erdogan, but her 8-year-old daughter is also opposed to the president.
Much of Turkey’s economy is booming through government spending and industrial construction.
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