Topic Reading-Vol.3561-1/10/2022
0422-27-5366
〒180-0006 東京都武蔵野市中町2-3-5 IIHA武蔵野1階
電話受付/月〜金 9:00-18:00
Topic Reading-Vol.3561-1/10/2022
0422-27-5366
〒180-0006 東京都武蔵野市中町2-3-5 IIHA武蔵野1階
電話受付/月〜金 9:00-18:00
Topic Reading-Vol.3561-1/10/2022
Dear MEL Topic Readers,
Turkey’s inflation hits 36% amid financial turmoil
The Turkish lira is the currency that is used in Turkey and Northern Cyprus. Around 2018 and 2019, about five Turkish lire was exchanged for one US dollar, but in 2000, seven Turkish lire were needed to get one dollar. This means you needed 40% more Turkish lira to buy the same thing for only a year later. Now, you need 13 Turkish lire, nearly twice as much as you needed a year ago. Can you imagine if prices of imported goods and materials jumped this much in such a short period of time? As the value of the lira decreased over 40%, Turkey’s inflation soared 36% last year alone. The hardest-hit items were inflation-fueling imports, such as energy and raw materials, which affect not only people’s lives but also export industries. For example, the price of electricity and gas has risen by 50% and 25% respectively and they will rise even further. Unless your income rises in accordance with the inflation, you can’t make the ends meet especially for those who spend most of their money on daily essentials, such as food, transport, and energy. The question is what the government and central bank have been doing to cope with such a crisis? Does it require rocket science to tame the inflation and currency devaluation?
Read the article and learn about the economic turmoil in Turkey.
https://www.bbc.com/news/business-59857420
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