Skip to main content

Turkish Lira is about to collapse!!


The Republic of Turkey, a Western Asian nation also known as Turkey seems to befall into financial status. A huge fall in Turkey's currency Lira is hardly rare these days, but the currency's precipitous 20% plunge over the last week. It is ramping up risks of a balance of payments crisis unless authorities can somehow pull the brake. The country’s currency is in free fall on Tuesday and Lira slumped 15% against the US dollar. Lira has already lost nearly 40% of its value. Turkey’s Central Bank has lost its independence and is bowing to political pressure from President Tayyip Erdogan.  The Central Bank cuts interest rates despite 20% inflation that could reach 30% or even 50% as per the orders from President Erdogan.


Every time Lira crashed, Turkey’s President Erdogan was started a military campaign or war against neighbors, diverting the attention of citizens from local corruption and failure towards "external" enemies. President Erdogan has led the country since 2003. Crashing the Lira causes inflation to be high and rising in prices of basic goods. Apple has apparently decided that it’s going to temporarily halt sales of its products in the region. All Apple devices are currently unavailable in the country. And, as it stands, there’s no clear indication when that might change for losing confidence among the investors. The purchasing power of the people in Turkey is going down.


It also worried Turkish civilians and families and intensifies the uprising youth movement demanding Erdogan’s and its government's immediate resignation. Turkish riot police arrest protesters during a protest against the government after the Turkish national currency hit a record low against foreign currencies earlier in the day in Istanbul. President Erdogan’s economic experiment seems to be a disaster. He thought that aggressive cuts of interest rates would boost jobs, exports, and growth in the country. In September Turkey’s Central Bank slashed interests from 19% to 15% and Erdogan assumed this would attract foreign investors. But two months after everything is being reversed to Erdogan’s expectations.  

Labels:

Comments

Post a Comment

Popular posts from this blog

Photo : Savitri during her last days

Even after 4 decades of her death, people are very much interested to watched her (Savitri) biopic. Mahanati turned to be stupendous success. On eve of remembering Savitri, here we posted Savitri photo. The photo seems her last days. The man stand behind Savitri is Gemini Ganeshan who married Savitri. It seems that she suffered bad days during her last days.
Post a Comment
Read more

Jagan angry on Avanthi Srinivas on Bhimili meeting!

Avanthi Srinivas was joined in YSRCP in January this year. Avanthi joined in YSRCP seeking to contest as Bhimili Assembly segment in 2019 General Elections.
Post a Comment
Read more

Producers demand 18 crores for Ceded for Pavan and Trivikram film

Director Rajamouli showed the path to all other producers on how to sell product (movie) in different ways across the word. Telugu Cinema has vertically divided in two ways Before and after Bahubali. Bahubali proves that there were no boundaries in selling the movie. Other producers who are doing with star heros like Pavan, Mahesh and Jr. NTR will follow Rajamouli in this regard. But there is slight difference with Bahubali and other heros films. Unfortunately, producers and distributors fail to notice the gap. Bahubali is universal movie which was apt to all sections in the world. That is the reason for getting huge collections across the world. We didn't expect the same situation for Prabas's next movie even though his popularity increased with Bahubali. Radha Krishna who produced movies like Julayi and A. AA.. will plan to produce next film with Pavan and Trivikram. Movie was not yet started but distributors rushed toward producer for getting area-wise rights.Obviously, ...
Post a Comment
Read more