TURKEY IS COLLAPSING, worst economic crises | 85% INFLATION - 24 Year High | Lira Falls Further

This video is the next in a series looking at the financial implications of the current global crises and which countries are stuggeling the most.

And in today I want to give you an update on what's going on in Turkey. The latest rates of inflation has just been announced. And Turkey has hit a 24 year high. Inflation is now above 85%. That's obviously off the scale.

So in today's video, we'll look at exactly what's going on with inflation. But look at the key drivers, what's making up those numbers. What's going on, particularly with food and transport, which affect everybody in society, particularly the poorest members of the country. So we'll have a look at all of the data on that. We'll talk about what's going on with regards to interest rates because as you'll might be aware, Turkey has taken a contrarian view. They've decided that the traditional way of dealing with high inflation, of increasing interest rates is incorrect, it's flawed, and therefore they've decided to start reducing interest rates.

And just recently, Turkey introduced another interest rate cut. This is the third consecutive month that they've cut their interest rates.
And, of course, we've seen a third consecutive month of record high inflation.

So we'll look at exactly what's going on. We'll look at the longer term picture because Turkey have actually been cutting their rates for more than 12 months now. So we'll see exactly what's happened to inflation over that period, whether there is anything to support this theory that when you've got high inflation, you should reduce rates rather than increasing them. Well, then have a look at what's going on with regards to the Turkish lira, the currency in the country, because that's absolutely critical to the success of the economy.

Turkey is a net importer. It imports more than it exports, and therefore the value of its currency is really important because it's having to pay for a lot of those imports in foreign currencies.

So it's exchanging its own currency for things like dollars and euros. And of course, when the value of your currency is falling, it means that it's costing you even more. Global prices are rising for things like fuel and food. But when your currencies are deteriorating in value, the net impact is even worse.


Turkey's taken a really interesting position with regards to Russia's invasion of Ukraine. They had a good relationship with both countries prior to that situation, and they've maintained those relationships. So they've taken an entirely neutral stance.

They haven't come out and sanctioned Russia. In fact, President Erdogan, President Putin had a meeting over the last few months where they came out and stated that they wanted to do more things together. They want to do more trade.

In fact recently President Putin suggested that Turkey should establish itself as a hub and start selling Russian gas onto Europe as if it was Turkish gas.

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