Turkish President Recep Tayyip Erdogan announced the start of the “war of economic independence”, so what is it? And how does the Turkish lira affect the resistance to this war?
Taking in consideration the collapse of the Turkish lira against foreign currencies,
it seemed clear to everyone that something is happening,
and that international parties seem to be controlling this decline.
As its collapse to 18 TL per dollar was surprising,
The rise in its value following the recent statements of the Turkish president was astonishin.
It reached 11.9 against the dollar, and this rise came in less than one hour.
It seems that the package of measures announced by Erdogan had the effect of inflaming the feelings of Turkish citizens,
who rushed to the exchange offices and transferred funds to support the state.
The official state bank (Ziraat Bank) announced yesterday morning that Turkish citizens transferred about 2 billion dollars
within a few hours to the Turkish lira.
This is the reason why it has soared in value.
With this rise, prices in shops have seen a significant decline
after being hit by inflation following the collapse of the currency.
Does the decline of the Turkish lira have a significant impact on the economy?
What worries investors in this regard is stability, not investment, as the value of the currency does not necessarily reflect an indicator of economic strength.
Among the top 20 around the world, many of those countries have a devalued currency, and many outside the list have a very strong currency.
The Turkish economy did not move from its throne, even with the collapse of the lira.
Companies are still operating at a very normal limit, and real estate sales are still achieving reasonable figures.
It is worth noting that in the first quarter of this year, the Turkish economy achieved an economic growth of 7%,
In the second quarter, it achieved a historic economic boom, reaching 21%.
In the third quarter of this year, it achieved a growth of 9%.
It is expected to achieve overall growth of 9-10% this year.
Among the data that confirm the strength of the Turkish economy is that – along with China – they were the only two economies in the world that achieved growth during the past year.
During this year, Turkish exports witnessed a largest number in its history, reached more than 225 billion dollars.
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