Foreign Affairs

TexasTowelie

(117,527 posts) Tue Apr 9, 2024, 10:31 AM Apr 2024

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 2024 OP

Interesting. I will be in Turkey the first of May. I currently have 6500 Lira for my arrival. I also sinkingfeeling Apr 2024 #1

how many days ? seems you might be short, assuming unexpected expenses Tetrachloride Apr 2024 #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 2024 #7

Note : be over an hour early for any expected departure Tetrachloride Apr 2024 #3

And this is why Erdogan did so poorly in the elections! PortTack Apr 2024 #4

Amazing that as bad as economy has been, Erdogan has been able to continue in office. dutch777 Apr 2024 #5

We live in a post competency and accountability era 617Blue Apr 2024 #6

sinkingfeeling

(53,247 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, 10:39 AM

Apr 2024

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

Tetrachloride

(8,482 posts)

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

Reply to sinkingfeeling (Reply #1)

Tue Apr 9, 2024, 10:44 AM

Apr 2024

current exchange rate. 32-1 USD to Lira

sinkingfeeling

(53,247 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, 11:41 AM

Apr 2024

get a bite to eat.

Tetrachloride

(8,482 posts)

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

Reply to sinkingfeeling (Reply #1)

Tue Apr 9, 2024, 10:46 AM

Apr 2024

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

PortTack

(34,830 posts)

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

Reply to TexasTowelie (Original post)

Tue Apr 9, 2024, 10:50 AM

Apr 2024

dutch777

(3,585 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, 10:50 AM

Apr 2024

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

(1,624 posts)

6. We live in a post competency and accountability era

Reply to dutch777 (Reply #5)

Tue Apr 9, 2024, 11:14 AM

Apr 2024

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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