RUSSIA – TURKEY CURRENCY CRISIS – Net Forex Reserves DEFICIT of $24 BILLION as Energy Costs Escalate


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In this video I continue to look at the continuing implications of the Russia’s Invasion of Ukraine on TURKEY. Rising OIL and GAS Prices as a result of the War are putting immense stress onto the Turkish Economy. Latest figures show that after accounting for the CURRENCY SWAPS Turkey has a NET DEFICIT of $24 BILLION. Based on the current rate of spending on Energy the Foreign Currency Reserves will not last much longer.


TURKEY is under extreme pressure due to HIGH INFLATION and the Fall in Value of the LIRA. Turkey is dependent upon Foreign Energy and Buys 45% of NATURAL GAS, 17% of OIL and 40% of GASOLINE from RUSSIA. Turkey is also dependent upon the IMPORT of GRAIN and RAW MATERIALS for its Industry. The immediate impact of the WAR has been to increase the price of OIL, GAS, FOOD and RAW MATERIALS. With INFLATION already at 54% these price increases will add further strain and may cause the Economy to COLLAPSE.


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0:00 Intro






12:58 RUSSIA


15:12 ISRAEL


20:25 JOE BLOGS 2



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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.