Recep Tayyip Erdogan

The Turkish lira has lost roughly 47% of its value in the last full year, in a rout driven by Erdogan’s refusal to raise interest rates.

Turkey’s currency has lost more than 48% of its value in the last year as Erdogan pushed on with his policy of eschewing rate rises despite sky-high inflation.

For years, Turkey and the UAE have been on opposing sides of regional conflicts due to deeply conflicting ideologies.

Prices of consumer goods spiked 11% from the previous month, according to the Turkish Statistical Institute, higher than analysts’ predictions.

Populist parties and politicians lost support all over the world during the pandemic, a survey of more than half a million people has found.

Turkey’s lira lost 44% of its value in 2021, due in large part to a refusal by the president to raise interest rates to rein in inflation.

Goldman Sachs sees Turkey’s inflation going above 40% for most of coming year.

The lira gained around 20% against the dollar at one point on Tuesday, before paring gains.

Inflation in the country of 84 million is now at more than 21% and has climbed steadily as President Recep Tayyip Erdogan has refused to raise rates.

Turkey’s central bank has subsequently announced it will intervene directly in the foreign exchange market, selling dollars to prop up the lira.

The lira’s spiral has been staggering — it plummeted from roughly 8.5 to the dollar in late August to more than 13 to the dollar within a mere three months.

Inflation in Turkey is now near 20%, meaning basic goods for Turks have soared in price and their local currency salaries are severely devalued.

“If Erdogan’s threat is carried out it would trigger the worst crisis between Turkey and the Western world since … 2002,” one analyst said.

Turkish President Recep Tayyip Erdogan has ordered 10 foreign ambassadors who called for the release of a jailed philanthropist to be declared persona non grata.