Turkey and the fall of their currency

[NordicSomali]

Turkish lira slides to record low after President Erdogan doubles down on rates policy

The lira's spiral has been staggering — it plummeted from roughly 8.5 to the dollar in late August to more than 13 to the dollar within a mere three months.

www.cnbc.com

Erdogan opposed raising rates because he thinks it creates inflation, now they face 20% inflation and dramatic fall in their currency.

Normally interest rates are tools to control inflation so people can anticipate product prices, help export, support the currency and keep the real value of money. When a currency is falling compared to dollars then it has to raise interest rates to attract funding. But because of Erdogans attitude towards interest, the rates are kept low, investors are selling lira and the people suffer with inflation.

This is why state and religion have to be separated, you can't involve the science of economics with the emotions of religion. Erdogan and his antipathy towards interest is deciding the fate of 80 million people. Also democracy is important because one man is now a semi-dictator whereas this wouldn't happen in a true democracy.

 

[NordicSomali]

They will also now struggle to pay their foreign debt since the cost increased by more than 50% simply by the lira falling.

 

[TekNiKo]

This is sad when I was there back in May it was around 850 TL for 100 USD now its 1,350 TL wow thats an increase of 30 pct

 

[Calaf]

This is sad when I was there back in May it was around 850 TL for 100 USD now its 1,350 TL wow thats an increase of 30 pct

Its great when your using dollars, its a blessing.

For the average Turksman, unlucky.

 

[alexander]

This is a warning to every dictator wanna be religious zealot. I hope their economy collapses overnight and erdogan ousted next election.

 

[Hybrid()]

The Turkish lira was worth 1.5 against the us dollar 10 years ago. Image those employees who had their retirement money locked in a 401k/retirement account. They'll probably never be able to retire.

 

[alexander]

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The Turkish lira was worth 1.5 against the us dollar 10 years ago. Image those employees who had their retirement money locked in a 401k/retirement account. They'll probably never be able to retire.

Imagine your money loosing more than 80% of its value . Erdogan out here like thanos.

 

[Mujahid Nur Marehan]

I believe in the strength and resaliance of the Turkish people, they will get over this and prosper and Turkey will never forget its enemies in the hard times

 

[alexander]

I believe in the strength and resaliance of the Turkish people, they will get over this and prosper and Turkey will never forget its enemies in the hard times

Its enemies is erdogan and his cronies.

 

[Mujahid Nur Marehan]

Its enemies is erdogan and his cronies.

Turkish people don't need to be told who their enemies are, they are a proud people and don't like to be told what to do.

 

[Hybrid()]

Imagine your money loosing more than 80% of its value . Erdogan out here like thanos.

From 2011-2021, the lira lost 88% of it's value against the US Dollar and it keeps falling. Erdogan needs resign for real.

 

[alexander]

Turkish people don't need to be told who their enemies are, they are a proud people and don't like to be told what to do.

Oh is that so. Let us see how they react when erdogan fucks up again and sanctions are Introduced . Proud people my foot

 

[Mujahid Nur Marehan]

I believe Turkey is the only Muslim country with a indepadent international foreign policy and no foreign depth by the IMF, that's really impressive.

 

[Mount23]

Turkey is prophecized anyways to fall and get destroyed before the Mahdi

The Last great and independent Muslim country not relying on foreign debt and influence is dying

 

[Leeban]

He still has the support of his people, they see his vision

I also see the same non Muslim posters hoping for Turkeys downfall