The Turkish currency fell to a historic low after the country raised the minimum monthly wage by 49 percent to approximately 520 euros, sparking fears of rising inflation, Bloomberg reports.
According to data from the international currency exchange Forex, the United States (U.S.) dollar was sold for 29.5 Turkish lira during the day.
Turkey has raised the minimum monthly salary to 17,002 Turkish lira (about 520 euros) for 2024, the country’s president, Recep Tayyip Erdogan, announced two days ago on the X social network, Anadolia reported.
The Central Bank of Turkey (TCMB) stated in its current forecast that it expects inflation of 65 percent by the end of this year.
According to the bank’s forecast, the peak of inflation in Turkey will occur in May 2024 and amount to more than 70 percent before it stabilizes at 36 percent at the end of next year, it was announced on the TCMB website.
E.Dz.
