Lira collapse leaves Turks bewildered, opposition angry

Discussion in 'Economics' started by ipatent, Nov 23, 2021.

  1. ipatent

    ipatent

    Lira collapse leaves Turks bewildered, opposition angry

    Anxious Turks struggled to keep up with a bewildering collapse in their currency and the main opposition party leader said the country was experiencing its darkest "catastrophe" as the lira slumped 15% on Tuesday against the dollar.
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    Shoppers at a central Ankara mall said they could not take their eyes off the lira rate, which plunged as far as 13.45 to the dollar on Tuesday. A year ago it was 8 to the dollar, last month it reached 9 and last week it hit 10.


    "I've become unable to work without following the dollar," said 28-year-old advertising agency worker Selin.

    "I don't think there is a single day where I don't have to watch my budget, and the calculation changes 100 times by the time I get next month's salary. There is nothing left, including toilet paper, that I buy without thinking carefully."
     
    Nobert likes this.
  2. taojaxx

    taojaxx

    They should keep a positive thinking approach: daily life goes in the toilet but they have a beloved leader working on subduing Syria, Libya and the whole Middle East, maybe even beyond. What's not to like?
     
    cobco likes this.
  3. maxinger

    maxinger

    OK. Let's look at the opportunities.


    Unfortunately, Lira futures volume from CME has been zero
    for many years / decades.


    Which other exchanges offer Lira futures which are liquid?
    Anyone trading Lira products from

    ISF Istanbul
    BUF Budapest
    ICE US ?
     
  4. fan27

    fan27

    All good questions, but this needs to be answered first...

     
  5. kandlekid

    kandlekid

    Last time I was in Turkey (2016?), I think it was something like 3:1.
     
  6. Nobert

    Nobert

    You reap what you sow.


    Screenshot (47).png

    ,, The central bank has already provided its profits for 2018 of 38.1 billion liras and now the government wants to use 46 billion liras that includes money set aside by the bank for emergencies, Gürses said on his website.

    The transfer of the capital is equivalent to printing money and will do the economy no good at all, Gürses said. There are many previous examples around the world to back this up, he said. "


    https://ahvalnews.com/turkish-lira/turkey-printing-lira-funding-budget-central-bank-columnist
     
  7. RedDuke

    RedDuke


    Only USD can get away with printing for now, because it is reserve currency of the world.
     
  8. Nobert

    Nobert

    As long as the global brrrrr machine is under control of the good guys, i'm fine with that., because we have to choose either the illogical events in finance, or uncertainty in global world order & the first one, sounds much better.