What is happening in Turkish economy?

What is happening in Turkish economy?

Turkey's economy is in turmoil. Here is what happened in the Turkish economy as of December 16, 2021...

On Thursday morning, dollar and euro exchange rates continued to rise in Turkey. While the Euro rate rose to 17.60 TL, 1 US Dollar was equal to 15.50 Turkish Liras.

Rate cut despite warnings

While the Turkish lira depreciated, the Central Bank of the Republic of Turkey lowered the interest rates by 1 more point, to 14%, at the request of President Recep Tayyip Erdoğan.

Biggest all-time hike to minimum wage: Still down against the dollar

President Recep Tayyip Erdoğan announced the minimum wage to be applied in 2022. According to Erdogan's statement, the minimum wage in Turkey was increased to 4250 Turkish Liras. The minimum wage applied in 2021 was 3577.50 Turkish Liras gross. Thus, the highest minimum wage increase in the history of Turkey was experienced. However, due to the depreciation of the Turkish Lira, despite this increase, the minimum wage in dollar terms decreased by 108 dollars compared to 2021.

Gasoline is on the rise again

As the new year approaches, the price hikes do not stop. As of Friday, December 17, the liter price of gasoline has increased by 0.56 Turkish Lira. At this time last year, the liter price of gasoline in Istanbul was 6.70 Turkish Liras, but with the last hike, it reached the limit of 11 Turkish Liras.

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