A currency collapse was predicted for Turkey and the date was even named. Turkish media reports the forecast presented by the American investment bank JPMorgan. According to him, the Turkish lira can “depreciate quickly immediately after the elections.”
It is about the Turkish presidential election on May 14. American experts assure that the lira may depreciate quickly after the elections. As a result, 1 dollar can approach 30 TL. The Turks also quoted Reuters as saying that the election is also a turning point for foreign investors.
At the same time, let us remind you that the tourism sector in Turkey is already “at the forefront” of unprecedented inflation. Prices in hotels and restaurants in Turkey rose by almost 75% last year. Such statistics were presented in the Turkish mass media, referring to inflation for February 2023, published by the Turkish Statistical Institute (TUIK) – an analog of our Rosstat.
According to these figures, price growth averaged 55.18% year-to-date, with prices up 3.15% year-to-date. At the same time, the table of the annual rate of change by the main expenditure groups of the Consumer Price Index (CPI), which takes into account all vital sectors of Turkey, showed that in some areas – including the hotel business – inflation is significantly higher. Read details at this link.