Long queues for cheap bread, inflation made trouble in Turkey like Pakistan

Due to record-breaking inflation in Turkey, long queues are seen everywhere to buy cheap bread. Inflation in the country has increased significantly due to the economic policies of Turkey’s President Rosep Tayyip Erdogan.

There has also been a historic fall in the Turkish currency Lira. On Monday also, the lira has seen a fall of seven percent against the dollar. Currently one dollar is worth 14.20 lira. The lira has fallen 48 per cent against the dollar in the past year. This has increased the inflation significantly in the country. Due to which people are facing huge inflation. Along with this, due to being on the watch list of FATF, foreign investment in Turkey has also reduced significantly.

One of the main reasons for this widespread fall in Turkey’s national currency, the lira, against the dollar is the president’s unconventional economic policy of keeping interest rates low to boost Turkey’s economic growth.