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Turks pile into the dollar, gold, and stocks as 67% inflation savages lira
By Scott McLean, Ipek Yezdani, and Anna Cooban
CNN, Atlanta
Wednesday, March 20, 2024
Down a dimly lit alleyway tucked just inside Istanbul’s Grand Bazaar, a few dozen men are packed together, shouting, waving, and frantically speaking on their phones, others nervously pacing.
This "standing market" -- a low-rent version of a chaotic stock exchange floor -- is where Istanbul's traders come to deal in precious metals and currencies. These days it's dollars and gold they're after. Turkish lira, not so much.
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"Right now our money is almost worthless. Since people haven't seen inflation fall, they don't trust the Turkish lira anymore," explained Adnan Kapukaya, a trader and market expert.
Inflation in Turkey remains sky-high -- official figures show prices rose 67% last month compared with February 2023, though unofficial estimates suggest the real number is more than 100%. And this despite the Turkish central bank hiking interest rates to an eye-watering 45% in January -- up from a low of 8.5% a year ago.
But even at that rate, savers are still losing money to inflation. So to shelter their savings, people are showing up in the gold markets of the Grand Bazaar with whatever they have -- modest savings or, sometimes, a suitcase full of cash, says Omer Tozduman, a gold dealer. ...
... For the remainder of the report:
https://www.cnn.com/2024/03/20/business/turkey-inflation-gold-dollar-stocks/index.html
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