President Erdoğan has asked whether people believe that "anyone can't bring home the bread." "Do you believe that anyone can't bring home the bread? Do you think such thing exists in Turkey? Turkey is ahead of many countries in terms of its minimum wage and salaries," Erdoğan told reporters, adding that Turkey is "at a great spot" when one looks at data from the IMF and OECD.
Turkey's Central Bank Governor Murat Uysal said that it has no target on exchange rates as the lira touched a new low for a third day on Oct. 28. Uysal said higher import costs, with the lira tumbling to record lows beyond 8.3 to the dollar, rising food prices and strong credit growth were the main causes of the upward revision.
The Turkish Lira further lost its value on Oct. 27, measuring more than 8.1 liras on the dollar as a result of more than 35 percent depreciation this year. The depreciation is a result of Ankara's increasingly strained relationship with the European Union, as well as the United States.
Treasury and Finance Minister Berat Albayrak has said that the economy is growing despite the tumbling Turkish Lira. The lira weakened to a record low on Oct. 26, hit by investor unease over the central bank's decision last week to keep its policy rate on hold and various sources of geopolitical concern. Strains in ties with the United States, a row with France, a dispute between Turkey and Greece over maritime rights and the conflict in Nagorno-Karabakh have all unsettled investors.
The lira sank to a record low to near 8 versus the dollar after Turkey’s central bank ignored investors' calls to raise its main interest rate. The decision to leave the rate unchanged prompted economists to question the central bank’s commitment to lowering inflation and its independence from the government.
The International Monetary Fund (IMF) projected that income per capita in Turkey would drop to 2005 levels, an annual average of $7,720. The IMF also predicted a five percent contraction in the Turkish economy until the end of 2020, despite Ankara's 0.3 percent growth projection.
As the ruling Justice and Development Party (AKP) has levied tax hikes on alcohol biannually for the past several years, the price of alcoholic beverages in Turkey has soared, leading many drinkers to turn to bootleg alcohol. This has resulted in a number of deaths across the country in recent years, culminating in an alarming spike in the past two weeks.
I want to die because of the economy, says Turkish shop owner when asked why he is not wearing a mask
A show owner in Denizli has told the governor of the province that he wants to die because of the worsening economy when asked why he was not wearing a mask. "I've had enough. I want to die. Look at the economy. I gained 15 liras on Tuesday and 100 liras on Wednesday. What use does it have even if that 100 liras is all profit?" the shop owner said.
President Erdoğan on Oct. 17 announced the discovery of an additional 85 billion cubic meters of natural gas in the Black Sea, following a similar find in August. As a result of testing, analysis and detailed engineering work, another 85 billion cubic meters were added to the reserves we had discovered. The total amount of natural gas reserves in the TUNA-1 well of the Sakarya Gas Field reached 405 billion cubic meters," Erdoğan said.
As the ruling Justice and Development Party (AKP) has levied tax hikes on alcohol twice a year for the past several years, the price of alcoholic beverages in Turkey has soared, leading many drinkers to turn to bootleg alcohol. This has resulted in a number of deaths across the country in recent years, culminating in an alarming spike this past week when some 45 people died.
The distribution of assets in Istanbul's stock exchange is dramatically skewed with 86.9 percent of wealth held by 1.3 percent of investors, daily Sözcü reported on Oct. 13. The portfolio assets of the exchange were worth a total 608.19 billion liras at the end of September, 528.15 billion liras were held by a mere 22,333 investors.
Trade Minister Ruhsar Pekcan has said that the Turkish Lira's devaluation against foreign currencies is to blame for the cause of the surge in baby food prices in Turkey.
Turkey's Central Bank's net international reserves shrunk to $16.8 billion by Oct. 2, the bank reported on Oct. 8. Turkey's net international reserves totaled $40.9 billion in January, but had more than halved by Sept. 25, measuring a mere $16.9 billion. The Turkish Lira also hit a new low of 7.9389 against the dollar.
Turkey's Central Bank announced that the real effective exchange rate (REER) of the lira hit the lowest level in 27 years, as souring relations between Ankara and Brussels added to the country's geopolitical woes, bringing lira to 7.88 against the dollar. The Central Bank's real effective exchange rate index sunk to 62.21, dropping by 1.59 points and falling below the former record low it observed during the 2018 Pastor Bronson crisis.
İYİ Party leader Meral Akşener criticized Treasury and Finance Minister Berat Albayrak over the country's deteriorating economy, saying, "Turkey's economy is not Erdoğan's son-in-law's play dough." The İYİ Party leader also slammed Albayrak's remarks on not looking at the exchange rates. "Mr. son-in-law, what are you looking at?" she asked.