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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.  

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