Small wonder in hindi
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Interestingly however, Erdogan has blamed international forces for the rapid devaluation of the currency. "Even after the pandemic, the Turkish economy has been showing strong growth every quarter and the Erdogan administration has been insisting on lowering interest rates with the hope that it will help beat inflation and leave more money in the hands of the people," Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research Limited said. This has led to an erosion of "Turks' earnings and savings, upending household budgets," Reuters said, adding that many citizens are even "scrambling to find some imported medicines." The Turkish lira lost about 29 per cent in November alone. Small wonder, his theory that cheap money automatically leads to higher consumption, rise in exports and economic activities is turning out to be flawed. Turkey's inflation rate has been in double digits through 2021. What has surprised economists and money managers around the world is Erdogan's insistence on maintaining low interest rates even when inflation rate has been high. The Turkish foreign exchange reserves have also bee depleting," Banerjee said. "The emerging markets will have to be careful and especially after any crisis-like situation when typically interest rates come down, the tapering off needs to be well calibrated.
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Turkey's inclusion in the Financial Action Task Force's (FATF) grey list along with other countries such as Pakistan, Zimbabwe, Syria and Burkina Faso has made things even worse. Erdogan appointed Nureddin Nebati as the new finance minister. Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities, told India Narrative that a combination of issues including high inflation, a "compromised" Turkish Central Bank, senior Central Bank officials including the governor and deputy governor have been replaced in the last few months along with instability in the political situation have led to the rapid devaluation of the lira.Īmid the current crisis, the country's finance minister Lutfi Elvan resigned on Wednesday.