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| Turkish lira continues to lose value at record low. (Source: Odin Land) |
Regional media quoted sources as saying that the Lira has been falling for three consecutive days, down 1.6%, bringing its total value down nearly 10% since the beginning of 2023.
However, the Turkish economy still maintained good growth momentum in the first quarter of 2023, at 4%, despite the impact of the double earthquake in February 2023, inflation and high living costs.
According to informed sources, former Economy Minister Mehmet Simsek, a man highly regarded for his managerial abilities, will almost certainly enter the cabinet as Finance Minister or Vice President.
The appearance of Mr. Simsek is a sign that Türkiye is preparing to abandon the unconventional policies that President Erdogan has applied for many years, such as cutting interest rates, raising wages... leading to the continuous depreciation of the lira.
Mr Simsek is expected to pull the Turkish economy out of its current crisis and stem the tide of inflation and rising living costs that are weighing on people's pockets.
On May 28, Turkish President Recep Tayyip Erdogan was re-elected for a third term, becoming the country's longest-serving head of state.
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