Saudi Arabia will be depositing $5 billion in Turkey’s central bank and has signed an agreement to this effect, a move expected to boost Turkish currency rates.
Turkey launched a temporary wage support scheme and banned layoffs in 10 cities on Wednesday to protect workers and businesses from the financial impact of the massive earthquakes that hit the south of the country earlier this month.
For Turkey, 2021 was marked by a free-falling currency, the lira, and record-high inflation. The government’s monetary policy has sent the country into economic turmoil, and as Nick Schifrin reports, soaring prices have hurt Turks from all walks of life.
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