The Turkish lira is losing value. In the last 12 months, the dollar price in liras has more than doubled. The inflation rate is currently at an annual rate of 21%. Today the USD dollar reached 16.42 Turkish liras

President Erdogan has reacted to the economic situation caused by rising prices by ordering a 50% increase in the minimum wage for 2022. This will probably fuel inflation further inflation since more money printing will be needed to sustain the raise.

Trading in the Istanbul stock exchange was suspended after its main index fell by 5%.

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This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.