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this post was submitted on 23 Jul 2024
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The regime there decided to devalue the currency through several policies.
Why Turkey's currency is crashing after Erdogan got reelected | AP News
The impact of exchange rates on Turkish imports and exports - ScienceDirect
Does inflation increase export? Case study Turkey
Turkey’s economy is paying the price for years of policy mistakes
One goal of such policies is to turn the country's economy toward exports, such as the model used by many "developing countries" to manufacture cheaply (for shit wages) and export a lot. As you can imagine, that's not compatible with a consumer economy (i.e. a nice service sector). When you devalue your currency (or just have inflation unintentionally), you make imports more expensive. For many countries, one of the biggest drivers is energy imports. Hungary is finding that out now too. If you need a harsher example, read about Lebanon in recent years (as if the threat of Israel invading isn't enough).
The above is/was correct, but for the last 1-2 years they actually flipped it around, artificially valuing the currency against USD, EUR while not keeping inflation under check. The inflation in TRY has been >100% for the last few years, while the TRY/USD parity barely moved. So it means that the prices are approximately at NYC levels for e.g. restaurants, and is shockingly expensive for most tourists, let alone the local people.