TRY weakened nearly 3% on Thursday, giving up most of the gains from a rally a day earlier, as concerns persisted over surging inflation against a background of unorthodox policies aimed at boosting exports and growth. TRY lost 44% of its value against the dollar last year and a full-blown currency crisis was halted last...
Tag: TRY devaluation
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Card expenditures up due to inflation and TRY devaluation
BY SEBNEM TURHAN Turkey’s credit and debit card expenditures rose by 31.4% to TRY 213.6bn in December compared to November, according to the Central Bank. People’s grocery expenses surged by 38% to TRY 41.04bn and overall food spending increased by 37% in the same period. Skyrocketing inflation and the expectation that prices could increase at...