Inflation in Turkey is now near 20%, meaning basic goods for Turks have soared in price and their local currency salaries are severely devalued.
on Tuesday, a level once unfathomable and well past what was just last week deemed the "psychological" barrier of 11 to the dollar.
For perspective, at this time in 2019, the lira was trading at roughly 5.6 to the dollar. And that was already making news, as it was a dramatic drop in value from the mid-2017 level of 3.5 to the dollar.Turkey's currency has been in a downward slide since early 2018, thanks to a combination of geopolitical tensions with the West, current account deficits, shrinking currency reserves, and mounting debt — but most importantly, a refusal to raise interest rates to cool inflation.
Semih Tumen, a former central bank deputy governor who Erdogan dismissed in October, sharply criticized the president's moves.
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