The Turkish economic crisis is having a domino effect on the more than 2.5 million Syrians in the country as workshops shut down and families find themselves unable to support dependents and sustain remittances. Alaa, a 36-year-old father of two, fled to Turkey from his hometown of Idlib in 2015. The dailyReport Must-reads from across Asia - directly to your inbox “With great difficulty, I learned the Turkish language, found housing and work at a Syrian sewing workshop,” he told Asia Times. That job gave him the stability he needed to send for his wife, mother and two children. But this summer, Turkey’s economy took a turn for the worse with its currency slipping sharply against the dollar and inflation rising. In July, Alaa lost his job and was forced to send his family back to Idlib. “The rise of the dollar has ruined my life,” Alaa said, echoing the sentiments of Turkish President Recep Tayyip Erdogan, who has blamed the economic downturn on … [Read more...] about Syrians in Turkey feel the sting of dire currency crisis
What currency is used in turkey
All eyes are on the Turkish lira. Its decline has been precipitous – it has already lost more than 40% of its value against the US dollar this year. For Turkey, which has relied on the inflow of foreign credit, this poses terrible risks. Enormous debt coupled with a vicious attack for political reasons on the Turkish economy by the US government has pushed Turkey toward the precipice. Will Turkey’s descent take Europe with it and then, certainly, other middle-income countries? Is this the harbinger of a new global financial crisis that would be far more dangerous than the one in 2007-08? The dailyReport Must-reads from across Asia - directly to your inbox Financial instability The credit crisis of 2007-08 has not really ended. The problems posed by the collapse of the US housing market and the subsequent debt problems in world banking have not been fixed. Sober recommendations from the Basel Committee on Banking Supervision as well as from the International … [Read more...] about Could Turkey trigger the next global financial crisis?
source (Photo by Getty Images) The Turkish lira collapsed by over 35% in value versus the US dollar since the same date last- a dramatic and sudden fall. Yet the Turkish economy is growing strongly. The trigger for the crisis may be investors’ realisation that President Recep Tayyip Erdogan doesn’t understand, or doesn’t believe in, the role central banks play in setting interest rates that control inflation. Erdogan has called interest rates “evil” in the past, and it’s an attitude that may be spooking markets. LONDON – Turkey’s economy went from being rocky-but-fixable into a full-blown currency crisis today as the Turkish lira collapsed, losing more than 7% of its value against the US dollar on Firiday, totaling a drop of over 35% since the same date last year. The crisis may potentially spread beyond Turkey and Italy’s already troubled banks are particularly exposed to the lira. The immediate … [Read more...] about Turkey’s lira crisis may be down to Erdogan’s fundamental misunderstanding of how ‘evil’ interest rates work
The unpredictable Middle Eastern geopolitical landscape is heading toward new dynamics, where the Kingdom of Saudi Arabia is positioning itself against a Turkish-Iranian axis. Since the consolidation of President Recep Tayyip Erdogan’s power through a referendum in April 2017, Turkey is once again gearing up for the revival of Ottoman-era dominance in the Middle East. But this swift resurgence of Turkey is not being seen through the lens of admiration in the House of Saud. The dailyReport Must-reads from across Asia - directly to your inbox The history of the confrontation between Arabs and Turks has never allowed the emergence of a comfortable rapprochement between Riyadh and Ankara, and the Qatar standoff has once again revealed the bitter rivalry between the Wahhabi stronghold in Riyadh and the Salafi Muslim Brotherhood power base in Ankara. The war of words between the United Arab Emirates and Turkey, followed by recent rhetorical remarks on Turkey and Iran made by the … [Read more...] about Saudi Arabia has to face a pro-Iranian Turkey
Vocabulary: actual : real; existing in fact - จริง advise : to tell somebody what you think they should do in a particular situation - แนะนำ, แจ้ง agricultural (adj): of the science or practice of farming - ที่เกี่ยวกับเกษตรกรรม application (app) : a program designed to do a particular job; a piece of software - โปรแกรมใช้งาน, โปรแกรมคอมพิวเตอร์ apply (verb): to put or spread something such as paint, cream, etc. onto a surface - ทา, ไล้, ฉาบ, ป้าย aware (adj): knowing that something exists, or to have knowledge or experience of a … [Read more...] about What’s new in business news: March 27, 2014