4 ms·
Ask HN: Turkey Residents, how do you survive with a 79%+ inflation rate?
I'm interested in knowing what strategies you have adopted to deal with hyper-inflation. Have you seen any positives?
- behnamoh 4y agoThe same way that Iranians (Turkey's neighbor) have been living with +%20 (monthly) for decades now. Honestly, it's not living, it's just being alive.
- Aromasin 4y agoI have some friends in Turkey that I've discussed it with. In short, immediately cashing out any Lira to Euros (normally at a horrible rate), stocking up on long shelf-life essentials, and simply weathering the storm. Many people are moving away from the cities to live with parents again, and generally doing whatever they can to tighten the belt.
- charlesdm 4y agoThe answer is likely not to hold any local currency. Which might not really be feasible for many local people.
- rolleiflex 4y agoIIRC Based on the latest numbers 70+% of Turks do hold their savings in foreign currency. So it’s accessible and widely used. It’s probably one of the reasons Turkey is weathering the storm better than expected, though it’s still a pretty bad situation. This corroborates with my personal experience as well.
- trfgh1 4y agoBuying USD stablecoins.
- muzani 4y agoidk, returns of over 50% per year sounds too good to be true
- aaaaaaaaata 4y ago......?
- farseer 4y agoMost of them save in foreign currencies.
- f0e4c2f7 4y agoYou may find this podcast about high inflation in Brazil relevant. https://www.npr.org/sections/money/2010/10/01/130267274/the-friday-podcast-how-four-drinking-buddies-saved-brazil https://www.npr.org/sections/money/2010/10/01/130267274/the-...
- yoyopa 4y agoTurkey doesn't exist anymore. It's Turkiye now. How do you respect people's pronouns but you don't respect proper nouns?