The government says it wants to rebalance the economy by increasing exports, but the rocketing price of food and fuel imports – which must be paid in foreign currency – risks offsetting both that and rebounding post-pandemic tourism income.Įven with the inflows of Russian cash this week, the lira dropped to its lowest level since a full-blown currency crisis in December 2021, having lost around a quarter of its value this year. Official data shows inflation at an annual rate of almost 80 percent, with Erdogan repeatedly refusing to consider raising interest rates. That might upset the rest of a hungry world, but would be news for Turkey. Broadcaster CNN Turk suggested the deal might also give Turkey discounted access to crops from both Russia and Ukraine. The first shipment of grain since the invasion sailed Monday for Lebanon, hailed as a breakthrough that might mitigate a rising global food and economic crisis. ![]() Last month’s United Nations and Turkish-brokered deal to unblock grain shipments from Ukrainian Black Sea ports was a clear success for that policy, with Erdogan and Foreign Minister Mevlut Casvusoglu trading off their relatively good relations with both Moscow and Kyiv. This advertisement has not loaded yet, but your article continues below. ![]()
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