Currency collapse was predicted in Turkey and even the date was named. Turkish media broadcast the forecast presented by the American investment bank JPMorgan. According to him, the Turkish lira may “quickly depreciate immediately after the elections.”
We are talking about the presidential elections in Turkey on May 14th. American experts assure that after the elections, the lira can quickly depreciate. As a result, 1 dollar can approach 30 TL. The Turks also quoted Reuters, whose sources said that “the elections are also a turning point for foreign investors.”
At the same time, we recall that the tourism sector in Turkey is already “in the forefront” of unprecedented inflation. Prices in hotels and restaurants in Turkey have risen by almost 75% compared to last year. Such statistics were presented in the Turkish media, referring to the inflation data for February 2023, which was published by the Turkish Statistical Institute (TUIK) – an analogue of our Rosstat.
According to these figures, price growth averaged 55.18% compared to the past year, and by the last month prices rose by 3.15%. At the same time, in the table of the annual coefficient of change for the main groups of expenses of the Consumer Price Index (CPI), which takes into account all the vital sectors of Turkey, it was shown that in some areas – including the hotel business – inflation is significantly higher. Read more at this link.
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