Financial Times made an evaluation about the last period by devoting its editorial to the course of the Turkish economy. He also gave an ‘advice’ to the Turks to protect their money.
In recent weeks, Turkey has been witnessing unfavorable economic events like never before. Dollar rate, euro and all other currencies, Due to the depreciation of the Turkish lira broke records with unprecedented speed. So much so that it took 1 month for the dollar to go from 9 to 10, 7 days from 10 to 11, 4 days from 11 to 12, and only 3 hours from 12 to 13.
This depreciation of TL was on the agenda not only of Turkey but also of the world. Today too Financial Times The newspaper gave an advice to Turkish citizens by dedicating its editorial to the economic developments in Turkey.
“Poor countries with high foreign exchange debt will be at risk”
Financial Times stated that the collapse in the value of TL, which lost 20% in approximately 2 weeks, was not caused by the problems in the economic foundations of the country. With the increase in exports and the improvement in the number of foreign tourists, Turkey, which has been suffering from a current account deficit for a long time, in September for two consecutive months. surplus in current account, presented as evidence of this. FT, TL depreciation The President blamed Erdogan. FT continued his article as follows:
“It’s true that emerging market economies have generally performed poorly against the dollar this year. The expectation that the US Federal Reserve (FED) will soon begin to reduce its asset purchase program to support the economy and financial sector due to the coronavirus caused the dollar to appreciate. Free-floating capital is now returning home, seeking higher interest rates in developing countries. As the Central Bank of Pakistan Governor pointed out in an interview with the Financial Times last week, if sentiment changes, Poorer countries with high foreign exchange debt will be at risk.”
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‘Advice’ to Turkish citizens
Financial Times, ‘The story could have a more unhappy endingHe said that inflation is already around 20% annually, which means that real interest rates are about negative 5%. The FT said that if the interest rate cut program continues, the TL will lose even more value and prices will rise mercilessly. If it is the only way for Turkish citizens to protect their savings apply for an alternative currency was declared.
Source :
https://tr.sputniknews.com/20211129/financial-times-turklerin-tasarruflarini-korumasinin-tek-yolu-var-1051236639.html