The Turkish Lira has collapsed alongside Erdogan’s misguided economic policies. If you’ve been following along you’ll know he has, for example, been sacking those at the country’s central bank who have stood in his way of lowering interest rates to combat climbing inflation.
The latest from Turkey to kick off the new year:
- natural gas prices have been raised to power plants by 15%
- natural gas prices have been raised by 50% for factories
- electricity prices have been jacked higher by 52% to 130%
All effective as of January 1. Happy New Year.
USD/TRY (weekly candles):