Washington-Sana
The American Wall Street Journal saw that the Turkish currency crisis raised the prices of food commodities, medicines and other basic necessities, which poses a threat to banks and major companies in the event the government is unable to stop the decline in the value of the lira.
The newspaper pointed out in an article entitled "The currency crisis in Turkey raises living expenses and threatens the financial system" that the Turkish lira has lost more than a third of its value against the dollar during the past eight months, and the living conditions of ordinary citizens have declined due to their spending of their savings in addition to inflation, which puts pressure on their salaries.
The newspaper pointed out that the current crisis in Turkey is the largest since 2018, and that this crisis affected Turkey in many ways and prompted many to deposit their earnings and earnings in foreign currency or to search for ways to leave the country.
The newspaper stressed that the major companies and banks in Turkey will face the risk of turmoil in the long term if the President of the Turkish regime, Recep Tayyip Erdogan, continues to reduce the interest rate.
The continued depreciation of the Turkish currency is mainly due to Erdogan's repeated interventions in monetary policy and the rapid changes he has imposed in the leadership of the Central Bank.
