Published date: 19 April 2021 15:09 UTC | Last update: 25 sec ago
Over the decades, Turkish people have learned to be resilient in the face of recurring economic shocks.
Elderly people would regularly keep savings in the form of gold or other valuables under mattresses or pillows, deemed safer than the banking system. Learning to protect oneself from regular financial meltdowns was part of the family heritage received from one s parents.
Now Turkey is facing another currency crisis, which has been dragging on since 2019, with the Turkish lire losing nearly 20 percent of its value in the last 12 months. Central Bank reserves now stand at a $47bn deficit, raising concerns over the balance of payments. Annual inflation hit nearly 16 percent in March and the country s real unemployment rate is almost at 30 percent.