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Inflation in Turkey has been high for several reasons. One of the main factors is the country’s large current account deficit, which has put pressure on the value of the Turkish lira. As the lira has weakened, imports have become more expensive, driving up the cost of goods and services. Additionally, Turkey has experienced political instability in recent years, which has made it difficult for the government to implement effective economic policies. The COVID-19 pandemic has also had a significant impact on the Turkish economy, causing supply chain disruptions and pushing up prices for many essential goods. Finally, some analysts have pointed to the central bank’s monetary policy as a contributor to high inflation, with interest rates being kept low for extended periods of time. All of these factors have combined to create a challenging economic environment for Turkey, with high inflation being just one of the many challenges the country is facing.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.