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Whats stopping people to exchange their money for euros or dollars? It's a popular tourist destination, after all.
by stefan_ 5y ago
Whats stopping people to exchange their money for euros or dollars? It's a popular tourist destination, after all.
- terminalcommand 5y agoNothing is stopping us, in fact the dolarisation of savings hit 67% (if I'm not mistaken). People keep their savings in gold and fx. But your salary is fixed in Lira, the cost of living increases. Each month you see that you are getting poorer and poorer (and by poorer I mean 10-15% each month). It's really hard right now. If you're interested, this article on economist covers the situation: https://www.economist.com/finance-and-economics/erdogans-zany-monetary-experiment-is-impoverishing-turkey/21806459 https://www.economist.com/finance-and-economics/erdogans-zan... (There is a paywall, you can read it from google cache).