Collapse in Turkish economy cannot be stopped
The collapse in the Turkish economy is progressing rapidly. The Central Bank said they do not have an exchange rate target.
The policies of the AKP-MHP government have led to an economic collapse in the country. The government cannot prevent collapse despite all its interventions.
Pointing out that Turkey's risk premium is floating and high, Central Bank chief Murat Uysal stated that "current accounts deficit has increased in spite of a strong recovery in merchandise exports together with the decline in revenues from services and rise in import.” He added; "High levels in food inflation continues".
Uysal stated that inflation is expected to be at 12.1 percent at the end of 2020. After declining to 9.4 percent at the end of 2021, it is expected to gain stability at the level of 5 percent in the medium term. The previous expectation for this year was 8.9 percent and 6.2 percent for the next year.
Uysal further said that the food inflation estimation was increased from 10.5 percent to 13.5 percent in 2020.
The Central Bank chief also admitted that the Turkish TL is at an extremely worthless point, saying that they do not have an exchange rate target.
RECORD IN DOLLAR AND EURO
The increase in the USD / TL exchange rate that started at the beginning of the week continues. After Central Bank (MB) chief Murat Uysal presented the inflation report of 2020, the exchange rate accelerated its rise and the dollar exceeded 8.32 TL, hitting an all-time record high.
While Euro / TL has set a new record with 9.7769, the gold gram rose to 506 Turkish liras.