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Turkey Inflation Soars to 36% has Put Lira in Crisis

Turkey's inflation has soared to 36% and it is the worst after 20 years Ergodan leads this country. This inflation also gave birth to new policies in order to save the Turkish lira from the crisis. One of them is to invite residents to save in lira.

Turkey does experience high inflation every year. But this year, inflation of 36% is considered unreasonable. In fact, this is considered as one of the things that can endanger the country's economy following the news of the crisis that occurred there.

Speaking about inflation, the lira is one that is under threat. How not, according to many sources, the government is currently facing a currency crisis because President Tayyip Erdogan brought the lira into free fall in terms of prices since last year.

Price stability is currently being pursued and President Tayyip Erdogan admits he is thinking of ways to reduce the inflation rate to single digits. The policy taken is so that in 2023, the Turkish economy can be more stable and start to be prioritized.

 

The Worst Inflation Since 2002

These declining rates are very aggressive and immediately create panic across Turkey. Because the inflation limit according to many parties is around 40-50%. The rest of it includes hyperinflation and which will certainly make the value of the currency worthless.

And in this case, inflation is already at 36% and it's been a scary period. Some economists believe that if there are no stricter policies, inflation could reach 50% in the fall, or around the first quarter of 2022.

The central bank is required to carry out urgent monetary policies for Istanbul's future. In September 2022, 2 months before Erdoan led Turkey, inflation reached 37%, and now after 20 years of Erdoan rule Turkey, the inflation rate is 36.1%.

Exports also need to be increased in order to save their economy. In addition, the Lira, which is currently in a crisis situation due to its limited use, has also become a focus. The reason is that if the currency is left in a crisis, its value will also decrease.

Some residents of Turkey also admitted that the issue of inflation is very disturbing because the living cost in Turkey has increased by 50%. It is even claimed that now students and residents there are starting to leave sitting in café because of the increasing price.

Erdogan Urges Citizen to Keep all the Savings in Lira

"I want all my citizens to keep their savings in our money (lira)" This sentence is what Erdogan said when asked about the future of the Lira, which is currently in a crisis phase. “I recommend using Lira to build a better business.”

President Tayyip Erdogan also urged residents not to leave this currency for foreign currency, or even store it in the form of digital coins. Turkey's economic cycle depends on this and one of the paths of growth is the use of the Lira.

Erdogan's statement is not arbitrary, because if we look at the statistics on the use of currency in Turkey, many have replaced the lira with dollars or euros. This will automatically drive the economy lower and plunge the Lira into a worse crisis.

This policy was also taken because Erdoan wanted residents to feel normality in terms of the cost of living, and now the first policy that will be taken is to give a 30.5% salary increase for civil servants and hopes that other sectors will also do the same.

Seeing the conditions that are currently happening in Turkey, it is really necessary to give greater attention because if it is allowed to continue, it will have a worse effect on the economy. Erdogan will now focus to bring a new policy to save the Lira from the crisis.

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