Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

Turks struggle to survive, find ways to economize

  • By Al Mayadeen Net
  • Source: The Guardian
  • 19 Dec 2021 23:43
  • 1 Shares
3 Min Read

While the Turkish lira plunged and the inflation rate edged up to 21%, Turks do not know how to adapt.

  • x
  • The Turkish lira declined a further 8% on Friday. Photo credit: ZUMA Press Wire/Rex/Shutterstock
    The Turkish lira declined a further 8% on Friday. (ZUMA Press Wire)

As the Turkish currency reaches almost 50% of its value against the dollar this year, Turks who do not have any foreign currency savings or any gold to sell are trying hard to find ways to economize, in order to survive this economic crisis, such as refraining to buy meat anymore or turning to government-subsidized bread stands for sustenance, as reported by The Guardian.

“I used to look at the price of gold once a week. Now I look roughly 50 times a day,” says the owner of a jewelry shop, who advises citizens to wait until perhaps the price stabilizes.

While the Turkish lira plunged, the inflation rate edged up to 21%. Turkish President Recep Tayyip Erdogan’s response was a series of cuts to the base interest rate, as a way to defy economic convention. 

This approach was framed by the president as an “economic war of independence” that would stimulate the economy, boost exports, and create jobs; however, citizens are in a cleft stick amid the fluctuating prices of gold, and everything else. They do not know whether to buy or sell, or none.

Related News

'Turkey has won': Erdogan hails PKK disarmament

Iraq welcomes PKK’s disarmament as step toward regional stability

Seda, a Turkish citizen, wants to sell her gold to buy a house. “My husband said we should get the gold assessed. We’re undecided about what to do because the price of everything is fluctuating,” she says. “We can’t get a loan to pay for it as we can’t trust what will happen with the currency. I don’t know what to do.”

Erdogan insists that his “new economic model” will turn out well. “We know what we are doing. We know how to do it. We know where we are going. We know what we will achieve,” he said earlier this month and repeatedly encouraged Turks to take their savings into banks.

But along these encouraging words, all the Turks are witnessing is a steep slide in the lira's value and rising inflation.

On one hand, the lira dropped 8% again on Friday, December 17, and the central bank announced its intervention to prop up the currency for the fifth time in a month. On another, Turkey’s stock market, the Borsa, was twice forced to stop trading to avoid further losses.

Selva Demiralp, a professor of economics at Koç University and a former economist at the US Federal Reserve says, “Foreign exchange interventions might continue but they are neither a good strategy nor sustainable,” adding, “In Turkey, the root cause of the financial turmoil is the loose monetary policy itself. So unless the central bank switches to a tighter stance, demand for dollars will continue.”

In light of the high living costs, the devaluation of the lira, and worsening livelihood, the city of Diyar Bakr witnessed today the protests of thousands of people against the government's economic policies and inflation, demanding better conditions for workers.

  • Turkey
  • Turkish President Recep Tayyip Erdogan
  • Turkish lira

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS