Free market rebellion by Özgür Demirtaş: ‘Forget what you see in banks…’

While Turkey focuses on the elections to be held on May 14, the Turkish lira continues to bleed against the dollar.

The dollar-TL rate reached the level of 19.67, 3 days before the elections, and renewed its historical peak. Economist Özgür Demirtaş said that the dollar rate in the Grand Bazaar is 21.23 liras.

Citizens living in Turkey are locked in the Presidential and Parliamentary elections to be held on 14 May. Elections have been associated with ‘onion’, which is an indispensable part of Turkish cuisine, whose price has skyrocketed due to the economic downturn in Turkey. The Dollar-TL rate, which is the main factor in the increase in the production cost and transportation cost, which is one of the factors in the increase in onion prices, broke a new record 3 days before the elections. The dollar-TL rate is traded at 19.67 lira.

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The market is watching closely what kind of changes the new government will make in the current policies, especially in the economy.

While it is expected that it will take time for Turkey to recover from the damage left by the applied economic policies, where record inflation levels have been observed in the last two years and the TL has depreciated by approximately 60 percent, 2023 seems likely to be a lost year regardless of who takes power.

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Economist Prof. Dr. Ozgur Demirtas, Referring to the bilateral exchange rate difference in the markets, “Grand Bazaar rate is 21.23 Forget what you see in the banks. This is the real FREE Market rate: The government created a BINARY exchange rate in the country…” he shared.

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Grand Bazaar rate 21.23

Forget what you see in banks. This is the real FREE Market rate:

The government created a BILATERAL currency in the country…

— Ozgur Demirtas (@ProfDemirtas) May 11, 2023

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