Despite Turkish President Erdogan’s frequent claims that his country is on the rise and destined to become a global economic power, the Turkish lira has fallen to a new record low.
The currency dropped 0.2% to 41.95 against the dollar before slightly recovering, marking its fifteenth consecutive week of decline and a 16% loss since the start of the year.
The lira’s slide comes as Turkey’s annual inflation rate soared to 33.29% in September—far above expectations—raising fears that the central bank may be forced to slow monetary expansion to contain persistent price pressures. Economists warn that Turkey’s economic situation increasingly mirrors that of Egypt, where the treasury is drained of foreign currency and the government depends on IMF loans to import basic food supplies.
NEWSRAEL: This is the result of putting all your money into fighting wars and bullying neighbors.