ِAfter months of worsening economic conditions for Turkish citizens, signs of economic distress are all too clear as the lira continues a dizzying slide.
Lines outside bread stores and gas stations, farmers defaulting on loans, and everything becomes pricey in the country. That's what Turkish citizens are facing.
Opposition parties have called for a series of rallies to demand a change of government after the lira crashed sharply last week. Sporadic protests have broken out around Turkey.
The latest crash in the currency came following a government decree to keep interest rates low as a way of promoting economic growth. Since July 2019, three central bank governors who attempted to increase interest rates were sacked.
Business has stalled around the country as inflation scares away domestic shoppers and causes producers to hoard goods. Shortages are emerging, including in imported medicines and medical equipment, and even at bakeries.
Turkish Lira is losing value quickly. In fact, it has lost nearly 40% of its value within just a year, probably making it the world’s worst-performing major currency.
And now, the Turkish currency is floating everywhere, with investors losing confidence drastically, which is resulting in dumping of whatever little currency they held previously. Hence, the Turkish lira is in a free fall.
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