5.9k Share this

ISTANBUL—Turkey’s currency crisis is driving up the cost of food, medicine and other essentials for average Turks, and poses a threat to the country’s banks and large companies if the lira’s slide isn’t arrested, economists said.

The steep drop in the lira, which has lost more than a third of its value to the dollar in eight months, is shaking a Turkish society that had long prided itself as an ascendant economy that rivaled its European neighbors. Ordinary people are now struggling with a decline in their living conditions, with rampant inflation putting pressure on wages and eating into savings.

Source: WSJ

5.9k Share this
You May Also Like

Federal Financial Regulators Prepare To Throttle US Oil Producers

Climate change protestors covered in fake blood gather around the Wall Street…

Jeremy Peña Providing Spark To Houston Astros

Houston Astros’ Jeremy Pena at bat during the second inning of a…

Walk Or Cycle Instead Of Driving, Urges Ford Boss

Stuart Rowley, president of Ford Europe.. (Photo by Paul ELLIS / AFP)…

What is P2P trading, and how does it work in peer-to-peer crypto exchanges?

What is peer-to-peer (P2P) trading? Peer-to-peer (P2P) trading is a type of…

Indonesian Unicorn Xendit Bags $300 Million In Series D Funding

Xendit’s cofounders (L-R): Juan Gonzalez, Moses Lo, Tessa Wijaya and Bo Chen.…

How “Drive-Thru” Business Hurts Your Bottom Line

Opinions expressed by Entrepreneur contributors are their own. There’s a huge difference between…

Cybersecurity Players Should Do Well Despite Economic Headwinds

Okta logo displayed on a phone screen and a laptop keyboard are…

Weber Shares Fall as Barbecue Brand Cuts Profit View Again

Weber on Monday cut its profit outlook for the second consecutive quarter…