Content
@
0 reply
0 recast
0 reaction
Murtaza Hussain
@mazmhussain
"Turkey’s central bank has handed back to Saudi Arabia a $5bn deposit, underscoring Ankara’s progress in replenishing its foreign currency stores as part of its economic turnaround effort. Turkey’s move to unwind the agreement is the latest sign of how President Recep Tayyip Erdoğan’s pivot to more conventional policies following his re-election in May 2023 is steadying the country’s $1tn economy." For a number of years, Turkey has pursued unconventional low-interest rate economic policies that have sent inflation skyrocketing for ordinary consumers. The rich have gotten richer but the once-strong middle-class has suffered tremendously. Ironically, a few decades ago Erdogan was seen as a economic reformer but he changed tack in a way that has made the state rich but society poor. Lets hope that things change under Turkey's new central bank chief. https://www.ft.com/content/f3df653d-1f0f-41c0-b471-6cf7a9d99f87
1 reply
1 recast
2 reactions
[email protected]
@vizueva8k65
Hopefully, this will boost Turkey’s economy, set an example for neighboring countries, and eventually improve the Middle East’s economic situation. Maybe better living conditions will lead to more mature political thinking and reduce the current issues
0 reply
0 recast
0 reaction
