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The bottomless barrel is reminiscent of the Turkish pound’s continued decline against the world’s major currencies, adding another headache to Turkey’s President Recep Tayyip Erdogan. Specifically, shortly after 12 noon on Wednesday, a dollar was trading at 7,498 pounds, registering an increase of 0.20%, which is a new low for the new Turkish lira.
As the Turkish currency now moves without defenses, it is only a matter of time before the psychological fence of 7.5 pounds is broken, with all the consequences that such a situation can cause. Respectively at the same time, the exchange rate with the European currency was formed at 8.82 pounds with the strengthening of the common currency by 0.12%.
Erdogan headache
With the Greek-Turkish front open and the pandemic, the economy is another big headache for the Turkish president. Adding to the continuous fall of the hryvnia, despite the continuous supportive efforts of the Central Bank of the neighbor, is added the negative image of other economic indicators.
Inflation in Turkey in August stood at 11.76%, marking a marginal increase compared to July, according to official figures published by Ankara, while the neighboring country showed a budget deficit that reached 29.7 billion lira Turkish in July. , an amount equivalent to four billion dollars, which constitutes a significant deterioration of the country’s fiscal position compared to the corresponding period last year when it had a surplus of 9.9 billion pounds, an amount equivalent to 1.34 billion dollars.
Since the beginning of the week, the opening of exchange houses and goldsmiths in Turkey has been accompanied by queues of citizens who rushed to ditch the inflationary currency, buying mainly gold, to protect their homes.
Boyfriend Erdogan: The collapse of the pound is positive
Wanting to introduce black and white, Turkish Finance Minister and Erdogan’s son-in-law, Berat Albayrak, in his remarks to Bloomberg today, emphasizes that the rapid fall of the pound is an advantage for Turkey. It says Turkey could capitalize on the legacy of the coronavirus crisis by placing the “competitive” pound at the center of its strategy. For the Turkish Finance Minister, the extremely cheap currency is an advantage and not a burden, as it could boost exports by supporting economic growth in 2021. of Erdogan’s economic policy.
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