The price of Turkish Lira’s collapse gets heavy

Istanbul’s sky is as gloomy as the mood in the households and on the streets of Turkey.

It may look like business as usual but for many the recent developments have taken a toll.

Prices had already hiked during the pandemic. Packaged goods shrunk and prices increased but there was not a single empty shelf. Compared to the western world, Turks prided themselves with not having to fight for toilet paper or masks.

But today the recent change in interest rates policy and the unorthodox economic strategy is impacting the exchange rate sinking the national currency to an all time low. Turks may not earn their wages in foreign currency but their currency is melting like ice on a summer day and prices increase by the week.

It feels like it is nearly every day.

A bottle of wine I bought the day before had increased by 15%. It is hard to keep up.

The Twitter universe is joking about a new trending profession, “price taggers”. They are needed to get prices up to date in all shops and supermarkets.