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Turks protest in Istanbul against the government’s economic policy. PHOTO: Reuters
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In Turkey, however, a riot is brewing, with locals raising their voices for the government to leave
Bulgarians en masse sign up for trips to Edirne to shop cheaply there due to the record fall of the Turkish lira, local tour operators say.
Currently, 100 Bulgarian levs is equal to almost 700 Turkish lira, which makes the prices of most of the local products very affordable for Bulgarians, especially for residents of the border areas of Svilengrad, Lyubimets, Harmanli, where cross-border trade is booming.
Among the most popular goods are fruits and vegetables, nuts, detergents, clothes – for both children and adults. Medicines are also bought en masse, some of which are 2 and 3 times cheaper than in Bulgaria, BTA reports.
But while foreigners are enjoying the historic collapse of the pound, locals are barely controlling their anger and the revolt is brewing. Last Tuesday, the pound depreciated against the dollar by 15% in just one day after President Recep Tayyip Erdogan issued a statement defending the central bank’s policy of cutting interest rates. Western economists have for years challenged Turkey’s decisions to cut interest rates during periods of high inflation. However, Erdogan claims that the criticism is aimed at weakening the country and dooming the people to unemployment and hunger.
Soon, Turks will sleep with dollars under their pillows, local financiers say. After more than 11 days of free fall, the pound rose slightly for the first time and traded on Friday against 12.17 for 1 dollar. Since the beginning of the year, the Turkish currency has depreciated by 40%.
However, life in the country is becoming increasingly difficult and people are beginning to overcome their fears of the specter of poverty. Protests have erupted several times this week in major cities such as Ankara, Istanbul and Izmir, demanding that the Justice and Development Party government leave. Те бяха разпръснати със сълзотворен газ от полицията, но демонстрантите не се отказаха и продължиха да излизат на улицата.
Many people in Turkey live on a minimum wage of 2,800 pounds a month. At the beginning of the year, it was 300 euros, but the devaluation ate them up and is now less than 200. Officially, inflation is around 20%, but experts believe it is much higher.
Ahmet Davutoglu, a former prime minister and former ally of Erdogan, is convinced that elections should take place instead of protests, Deutsche Welle reports. And insists on their rapid implementation. Davutoglu has long been in opposition.
But Erdogan did not even think about early elections. “They are talking about early elections, but the elections are scheduled: in June 2023. Gone are the days when we voted every 15-20 months. Aren’t we some kind of banana republic? ”The president countered.
The political battle was also broadcast on Twitter. Supporters of the government are united under the hashtag “We are defending our country”, and the opposition responds with “The government should withdraw, elections immediately!”.
Perhaps the most telling of the situation in Turkey was an inscription on a restaurant in Istanbul, which was shared by thousands on Twitter. It reads: “Our prices this week may seem quite high compared to the previous one, but they are completely affordable compared to next.”
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