Shoppers in Turkey cannot look forward to lower prices anytime soon.
The central bank is forecasting a 23 percent inflation rate this year.
Some analysts think that is too optimistic after inflation last year soared to a 20-year high and the lira lost almost half its value.
Al Jazeera’s Sinem Koseoglu reports from Istanbul, Turkey.
– Follow us on Twitter: https://twitter.com/AJEnglish/
– Find us on Facebook: https://www.facebook.com/aljazeera/
– Check our website: https://www.aljazeera.com/
#Turkey
Mad king Erdogon
And this is why National Banks really should be independent, so bored Autocrats can’t just order changes that easily.
@dandical a country without a national bank is just a colony to the biggest private bank .
@K Huh? That’s what we have now with central banks, they are all ran by people working for the big private banks. Banksters love government centralization of banking because it protects their business. In the USA before the Federal Reserve, every private business would be forced to face the full consequences of their bad choices and practices, like going out of business and facing lawsuits, because there would be no government intervention to help them. The downsides were the banking crisis that occurred when economic downturns came, but those only happened because of “fractional reserve banking”, the banks would create more notes than what they had in gold to back them. In pre The Fed USA, the banks would come and go, even the larger ones, with those economic downturns. In the USA today, there exist the FDIC, government is guaranteeing 250k per depositor if the bank fails, do you think that government “insurance” incentivizes the banks to use their clients’ money wisely for fear of consequences? Of course not, because they know government has their back.
@dandical then how would the national currency be controlled?
@Apeman free market
@dandical you do know that a currency must have a backing right (gold, or $)? And where is that to be deposited? Answer: the national bank.
Lol trt world care about India .
That country which is so far from them and have nothing to do with them but they don’t care about thier own problem.
Turkey has a problem with many countries This is also one of the reason for thier crises.
God knows why some of the south asian muslim say this country will rule the world by 2023.
That country is very poor
Poor or not but not even close the Endia. İn Delphi, Goverments cant even buy Tables for Kids on School. Not even say Clothes Problems. Have you ever visit the Mumbai Streets? I really love that, You Endians Acting like a Japan or Germany. Turkey is Dream ıf we are talking between Endia.
@Citizen of SuperPower İndia Ew, those Mongols in Greek Anatolia are trying to hard to be Arabs and Europeans. Ew
Its going to a global problem
Turk’s we are with you, inshallah all this problem will wind down sooner rather than later.
Yeah Pakistan is a country without an economy. 🤣🤣🤣🤣
Your central problem right now is Erdogan. He needs to be dealt with the same way Mussolini was.
@samuel glover true… however your example it is the opposite for me, as long I am italian, and we had hung upside down Mussolini… 😂😂🤣
@samuel glover but good point any way…
@samuel glover however I do not think he shoukd be killed but chase out badly by liberal turks…
Falling of turkey is close
Failing of many countries of the globe is close, due to corporatization, globalisation under neoliberal economics ….
After that, We wanna see the Falling of Iran. Bolochistan,Sout Azerbaijan, Medkurd, All of them should be Fredoom of Tahran.
@Citizen of SuperPower İndia I want to see Anatolia to be Greek again, Kurdistan to be a country and Eastern Turkey to go back to Armenia and Georgia.
@Arolema Prarath I dont care but, Georgia/Azerbeijan friend with them. There is only 2 Million Armenians left, so ı dont think so. Only İstanbul bigger then Entire Greece but Hey Good Luck. Kurdistan also want Land from Iran, these kurds want lands from everyone, So not good For Iram but hey you know better. I hope you see What you want, LOL Dream more.
We will capture Tehran .big Türkiye is coming
切….公义捍卫不力，马赫迪不出现，你们的好项目和好机会也不会开始，巨大利益也得不到，你片面抄袭利息非法理论根本是扯淡…..
TRT :- genocide happenes in india soon …
But forget to show how turkey destroying itself with bullet train speed
🤣🤣🤣
TRT is Erdogan’s puppet show and they’ll never ever say that he broke the Turkish economy
everything will be ok .. its just need some time to get balanced again
Sure, things balance out … but this is a recurring event at an increasing rate, under this new neoliberal economics model, the bubble bursts are becoming more frequent.
You are not turkish shut up
Beta Abdool see the condition of Pakistan first then worry about Turkey. 😏
@mel no i will not Shut up. you are no one to tell me shut up. you beggars
@Thomas Pickering Neoliberalism is a disease, but it’s not the one that’s afflicting Turkey. Erdogan is the disease, there.
This is Erdogan’s Endgame.
@White Knox a caliphate needs cash
@Mounish Vishnu Jai If he manages to get re-elected it will be Infinity war and Endgame at the same time.
he is a crypto jew
hehehe his maybe thinking he is smart hahaha
He will the next election, mark my words…..a lot western countries really dont like him because he does whats good for Turkey only
Almost as bad as Cryptos. lol.
Erdogan wants to become a lebanon
Its good to cut interest rate… Long run strategy… Everywhere is high price. Still lira os better then yuan and indian rupee.
at this inflation rate, just give it time it’ll get there and worse.
Islamic economic power of Turkey?
The US Federal Reserve has been printing dollars in large ammount and doesn’t care about other countries whose economies are based on dollar reserves. Therefore national currencies are losing their value. Dollar inflation is significantly lower. This kind of economy destroys the life of millions of people around the world.
Tuskish problem
@Mar Funny Think, Eu-Usa Homeless/Jobless Etc Population More High then Turkey. China, Germany,American Etc. Goverments are Rich not people.
@Citizen of SuperPower İndia I do not know what this as to do withmz points… But I like the Idea that Homeless In USA are higher then in America 🤣🤣😂😂 and same works for the Homeless of EU in Germany😂😂😂 do not tell me you are an abdullllll (from evil islam) and if you are not do not act as one🤣🤣🤣
Hyperinflation soon!!
In india the so called democratic govt of BJP has destroyed economy, people are affecting again with Omicron variant and joblessness is at its peak.
Pakisthan worst country in world affected by inflation their international begger begging all over the world, concentrate on ur failed state
Ok boss. Agreed no democracy, but right wing govt. It is OMICRON under BJP now compared to AIDS under Congress 😉
@John Alex what bhajpa has done with indian economy, Congress is the only solution to fix it now.
@Falsehood bound to perish my point is bhajpa has not handled Covid situation well and had pushed millions in poverty.
Yes.. MADRASSA chhap Scholar
Turkey’s heading towards civil war, all eyes on nexy year’s election.
You can thank most of this to the newest neoliberal economics transformation model and globalisation. And this will not, and is not, affecting only Turkey, but everywhere of the globe, whether Turkey, U.S., Chile, Greece, etc … just like these supply shortages and the rest of the unpleasant economic turmoil, is engineered in most part through corporate/banking greed.
@K Yes, I agree with your statement … probably the way I commented is misleading of my thoughts. Globalisation is good and natural, as people migrating, the human race has always been adventurous, too, finding new habitats, sharing, mixing, learning, mingling, etc … I guess now we are looking to other planets. What I was referring to, is how neoliberal economics been designing what globalisation consists of, and it’s not to make folks of the globe one big happy family. It’s designed by the uber wealthy, to make them richer, and for there to be no borders, for them only, to where they freely go anywhere in the world and basically milk and rob the majority, and have laws in all these countries, through buying out peoples governments and other methods, that favour and allow them to do so.
@Thomas Pickering in that case I agree as well, the biggest drawback from neoliberal economics is de-industrialisation, it is based on out sourcing everything including wealth into off-shores. Personally I stand with policies that allow everyone to industrialise and to have access to the maximum amount of opportunities from they are, but colonisation and neo liberalism is against that
You don’t have to be a fan of neoliberalism to recognize that the disaster that Turkey has been suffering is the fault of *one* ignorant, megalomaniacal fool. He built himself a wonderful palace in Ankara.
Neoliberalism has little to do with Turkey’s current — and pending! — horrors. Erdogan’s stupidity violates the most basic economic concepts. He’s been more than happy to line the pockets of various business cronies, true. There’s been lots of construction, lots of concrete poured, for all kinds of ridiculous “prestige” projects. Along the way lots of economists, many with solid neoliberal credentials, have been pointing out the obvious folly and cronyism. Neoliberal dogma has wrecked lots of societies by now, but Turkey is a special case.
I have searched the internet far wand wide for the definition of the term “neo liberalism”, but it has no solid definition, it has multiple. From what I gathered, it’s not “liberal” at all, if it’s referring to classic liberalism, because it involves government central planning, which contradicts classic economic liberalism. So, I’m very confused, the definition must not be clear on purpose.
@K Indeed … one thing for sure, we have lost too much of our manufacturing in this over the last few decades, I mean, the U.S. is capable of producing a lot more, it ain’t like we need China to build everything for us, we’re NOT helpless. Look at what we done in the past. However, the neoliberal design allowed us to to ship too much offshore, which in turn over the last half century built up economies like China, and even the Saudis (petro wealth, to have also a stategic partner in Middle East) and we were able to buy a lot of cheap goods. Now look how dependent we are on China, expecially chips, ingredients for our pharmaceuticals, and a long list. While Americans feel the pinch a lot more. Manufacturing MORE here in the U.S. is a win-win for us, too … because we can reduce time and money shipping across oceans, and more ready domestically on demand. I have always seen middle America, and the south, as goldmines for this investing. Because you have low taxes and real estate, moderate wages, and a lot of people that could use the jobs, and train for new trades (I live in Texas, Dallas), so investing in manufacturing here is a win-win. I mean, opening new investments only in the northeast large cities or the west coast, costs much more.
Remember when the military wanted to coup erdogan and the people rose up to stop them…
Chickens coming home to roost on that one.
Exactly
Chickens are already home. Time to roast
..per day.
Well as long it’s a secular and democratic state it still stands above Qatar..
Having a dictatorship and a dictator, what could go wrong? well I guess everything but do people care, Noooo they will vote for him again, stupidity is a condition where you don’t learn from previous mistakes and do the same mistake over and over again and expect a different outcome. Well there is always someone else to blame every time if you think hard enough.
Hmm Agee on this Edrogan is bad news
the Country was better when it was secular
Peoples fault that they voted ERDOGAN.
Turgay is poor 🤮🇹🇷🤮💩
Buy bitcoin
Buying in grams, poor baby. Welcome to a western style slave economy.
A merciful soul will be refreshed,
and those who are satisfied may themselves be saturated.
🤣😅🐷💩🇹🇷💩🇵🇰💩🐷😂
Lol because of losing money now erdugon wants to visit saudi and israel despite jamal kashorgi and palestine. So much for being the khalifa of muslim ummah🤦🏽♂️
World has forgot poor Jamal mostly…I will remember but can offer no reaction
I heard turks eat a lot of bread
YEAH OF COURSE
Tesla has more cash reserves than Turkiye.
CRYPTO JUDAISM AND FREEMASONRY ARE THE BIGGEST ENEMIES OF ALL MUSLIM COUNTRIES , AS LONG WE DONT FOCUS ON THIS MASSIVE CORRUPTION IMPORTED BY THOSE FOREIGNERS WE WILL NEVER BECOME HEALTHY .
Venezuela 2: Islamic edition
“My friend, debt is the very essence of fiat. As debt defaults, fiat is destroyed. This is where all these deflationists get their direction. Not seeing that hyperinflation is the process of saving debt at all costs, even buying it outright for cash. Deflation is impossible in today’s dollar terms because policy will allow the printing of cash, if necessary, to cover every last bit of debt and dumping it on your front lawn! (smile) Worthless dollars, of course, but no deflation in dollar terms! (bigger smile)” – FOA
fiat is an old Latin word that best translates as “let there be”. Perhaps you mean fiat money, or money just printed by governments that is no more than painted paper, and worth something as long as the public agrees.
Rescession… can’t wait!!!!
I hope turkey will be in better condition 🙏 soon because turket is better than pakistan
It lost half of its value
I feel sorry for the poor and middle class
Its a problem I hope it would get better
When a country is under a facist, these things are ordinary.
Right.
More like 123%
Turkey following steps of Pakistan.
This is surely a joke on the part of CBT! For 5 straight years they have been predicting a yearly inflation, and it ended up being 2-3 higher. Inflation now is NOT 35%! That includes every month from Jan through Dec 2021. If you just take Aug-Dec and annualize it you get upwards of 50%. And if you take into account the inflation that the the TRL is going be passed on to prices on account of a much stronger devaluation in 2022 than in 2021 I would not be surprised if it topped 100%. This year macroeconomic conditions will deteriorate further for Turkey since: 1) CBT is out of foreign exchange; 2) significantly higher prices for energy will have to be paid in dollars; 3) the riduculous scheme by which bank depositors are duped into maintaining their money saving in TRL at an absurdly low interest rate are going to kiss their money goodbye, but before that happens the CBT will have to print huge amounts of TRL to try to make good the promise that said moneys will not lose in value against the dollar. 4) international credit in dols or eur will dry up for Turkey as bankers and investors will shy away from future loans given the present situation, and/or demand higher interest rates. 5) Turkey will suffer substantial export losses that are badly needed at this moment because of energy shortages. They will not be circumscribed to 2 weeks’ production. Breaches of delivery contracts may result in losses of clients – and for good. 6) continue to spend foreign currency to buy expensive weapons (like the 3 new frigates for the navy) is an insult to the Turkish nation, in particular to the poor. I live in Argentina and have seen this soap opera more than once. Let me tell you: it does not end well.
I just assume prices go up 200% every year, and just work harder. Money will always be available. You just have to make more of it.
And that’s why crypto got big. Although, its down again. If the government is doing something stupid and making you poor, then do something about it. There are more choices to fight back.
But dont worry dear Turks , vote for Erdogan again to power !! He will bring back the Ottoman days for sure !! 😉
Islamist economy? Well I guess even the Umayyad Caliphate would get mad then.
Not enough Mosques? Pray to Allah, 5x a day in order to gain money from Jannah.
Next the Turkish central bank will try to do price controls, and that never works, so it will just make things worse. I believe Turkey is heading into hyperinflation, like Lebanon.
This is why you don’t want to give too much power to a leader. We are in 2022 and I hope people will learn from the history of the past.
Ah yes Erdogan’s Ottoman Dream
Automan Empire 💪💪💪
Vote for Erdogan
This is why no one votes for labor in the UK
Stupid president
sultan khalida recep tayyip erdogan glory glory
Tourist economy understandable
Welcome to new Caliphate empire where not starve to death is the biggest achievement….
Turkey should take help from its friend Pakistan…..