Foreign Affairs

TexasTowelie

(112,252 posts) Tue Apr 9, 2024, 11:31 AM Apr 9

Turkey in Deep Trouble as Inflation Soars Again & Interest Rates are Hiked to 50% - Joe Blogs

Following his election win in May 2023 President Erdogan appointed a new Head of the Turkish Central Bank who decided to change the Economic Policy. Over the past 9 months Interest Rates have been increased to 50% however rather than reducing inflation it has actually caused inflation to rise to a 16 month high of 68.5% and also caused the Lira to CRASH. In this video I provide more details on the current situation, discuss WHY the new policy has not worked and look at the outlook for the Turkish Economy.

Chapters:
0:00 Intro
2:49 ECONOMIC POLICY CHANGES
5:35 INFLATION
8:04 FOOD INFLATION
9:11 LIRA
12:53 BALANCE OF TRADE
15:54 SUMMARY & CONCLUSION

7 replies

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Highlight:

Turkey in Deep Trouble as Inflation Soars Again & Interest Rates are Hiked to 50% - Joe Blogs (Original Post) TexasTowelie Apr 9 OP

Interesting. I will be in Turkey the first of May. I currently have 6500 Lira for my arrival. I also sinkingfeeling Apr 9 #1

how many days ? seems you might be short, assuming unexpected expenses Tetrachloride Apr 9 #2

I'll be there 3 weeks. Have ATM card and International CCs. I just want cash to take cab to hotel and sinkingfeeling Apr 9 #7

Note : be over an hour early for any expected departure Tetrachloride Apr 9 #3

And this is why Erdogan did so poorly in the elections! PortTack Apr 9 #4

Amazing that as bad as economy has been, Erdogan has been able to continue in office. dutch777 Apr 9 #5

We live in a post competency and accountability era 617Blue Apr 9 #6

sinkingfeeling

(51,461 posts)

1. Interesting. I will be in Turkey the first of May. I currently have 6500 Lira for my arrival. I also

Reply to TexasTowelie (Original post)

Tue Apr 9, 2024, 11:39 AM

Apr 9

travel with Euros and USD. I wonder if cabs and restaurants are still taking Lira.

Tetrachloride

(7,852 posts)

2. how many days ? seems you might be short, assuming unexpected expenses

Reply to sinkingfeeling (Reply #1)

Tue Apr 9, 2024, 11:44 AM

Apr 9

current exchange rate. 32-1 USD to Lira

sinkingfeeling

(51,461 posts)

7. I'll be there 3 weeks. Have ATM card and International CCs. I just want cash to take cab to hotel and

Reply to Tetrachloride (Reply #2)

Tue Apr 9, 2024, 12:41 PM

Apr 9

get a bite to eat.

Tetrachloride

(7,852 posts)

3. Note : be over an hour early for any expected departure

Reply to sinkingfeeling (Reply #1)

Tue Apr 9, 2024, 11:46 AM

Apr 9

Daylight Savings Time doesn't always reflect the true departure time. its a good thing I was early.

PortTack

(32,778 posts)

4. And this is why Erdogan did so poorly in the elections!

Reply to TexasTowelie (Original post)

Tue Apr 9, 2024, 11:50 AM

Apr 9

dutch777

(3,023 posts)

5. Amazing that as bad as economy has been, Erdogan has been able to continue in office.

Reply to TexasTowelie (Original post)

Tue Apr 9, 2024, 11:50 AM

Apr 9

This has been an issue for years and years. I suppose like a lot of economies with these sort of woes, there is an underground economy the runs on dollars, euros and old fashioned barter. Argentina has been similar.

617Blue

(1,281 posts)

6. We live in a post competency and accountability era

Reply to dutch777 (Reply #5)

Tue Apr 9, 2024, 12:14 PM

Apr 9

The Tories in UK have utterly fucked up their economy and have daily scandals yet have been in power for 12 years I think?

The US economy performs dramatically better under Dems and our deficit balloons (intentionally) under the GOP yet they are perceived as better on the economy.

GOP governors preside in most of the poorest, unhealthiest and least educated states yet have ZERO chance of losing.

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