Briefly

• the Turkish lira falls 20% following Edogan’s election.
• Expansion is as yet a difficult 44% in Turkey.
• The unconventional economic policies of Ergodan spell more trouble.

The nearby cash in Turkey has failed following the consequences of an official political race. The fact that President Recep Tayyip Erdoan has assumed office once more raises concerns for the economy.

Following President Erdogan’s reelection, the Turkish lira has fallen to a new low. Following a 20% decline, the Lira fell to around 20 to the US dollar on May 30. Over the past decade, the Lira has already lost more than 90% of its value. In addition to periods of widespread inflation, the Turkish economy has gone through a number of boom-and-bust cycles.

Economic Turmoil Ahead in Turkey

Turkey’s inflation rate hovers around 44% at the moment, but it skyrocketed to 85% in October.

Minna Kuusisto, the chief analyst at Danske Bank, made the following statement regarding Erdogan’s reelection: “In the absence of a U-turn in his economic policies, the risk of an acute currency crisis looms.”

According to Reuters, the opposition had pledged to reverse his unconventional economic policies, which have been attributed to years of economic turmoil.

Marc Chandler, chief market strategist at Bannockburn Global FX, stated that the selling pressure on the Lira is not coming from foreign asset managers. More than foreigners selling Turkey, capital is attempting to leave the country,” he added.

Kemal Kilicdaroglu, the leader of the pro-crypto opposition, secured 48% of the vote, giving anti-crypto Erdogan a narrow victory of 52%. Erdogan, who has been in charge for the past two decades, will continue to lead the country for another five years.

After securing victory, the President spoke with a hawkish tone. He committed to continuing his unconventional economic policies while taking swipes at his political adversaries. Erdogan has been strongly opposed to lowering interest rates in order to reduce inflation.

The rut in cash worth might drive individuals to store-of-significant worth resources like Bitcoin and gold.

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Embracing Bitcoin

“Türkiye is a significant market for us, and we’re eager to assemble solid associations with our clients and add to the advancement of its crypto environment,” said OKX President Hong Tooth.