Turkey: Drought adds to food-cost crisis; lira expected to lose more value

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Turkey: Drought adds to food-cost crisis; lira...
 © CyprusMail 2021
The cost of food has reached a crisis level in Turkey, as production declines and the weak Turkish lira (currently at 10.30 to the euro) makes  imports more expensive.

The central bank’s failure to support the lira continues to fuel price inflation.  On June 14, the central bank is expected to announce that interest rates remain at 19 per cent – a rate cut is also possible. Either policy choice will hurt the value of the lira against major currencies.

“In an ideal world, with an orthodox central bank that wants to bring down inflation, it would almost certainly be raising interest rates. But this is...


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Article automatically added to our system on Tuesday, July 13, 2021

Turkey: Drought adds to food-cost crisis; lira expected to lose more value


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Views & opinions expressed are those of the author and/or CyprusMail .

Article Tags: #turkey   #drought   #crisis   #expected   #value  


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