I’m Turkish. The trust in our lira within/without has been annihilated, especially ever since the pandemic began. (USD/TRY: 6,80 at the start of the pandemic to 9,25 now)
I have no hopes of picking up our buying power in foreseeable future since our idiot in chief has the financial literacy of an oaf who spams one button repeatedly and hopes for the best: lowering interest rates manually. Therefore I have been exchanging my money from try to usd ever since (partly so that I can participate in US stock market), which translates to me effectively SHORTING TRY, which has turned out pretty well for me, I’m devastated to say.
Turkish people know this too. They are buying whatever they are able to afford to hedge against inflation. usd, gold, euro, houses, cars…
I have no hope of financial betterment as a country before we get rid of the guy in charge.
5
u/[deleted] Oct 17 '21 edited Oct 17 '21
I’m Turkish. The trust in our lira within/without has been annihilated, especially ever since the pandemic began. (USD/TRY: 6,80 at the start of the pandemic to 9,25 now)
I have no hopes of picking up our buying power in foreseeable future since our idiot in chief has the financial literacy of an oaf who spams one button repeatedly and hopes for the best: lowering interest rates manually. Therefore I have been exchanging my money from try to usd ever since (partly so that I can participate in US stock market), which translates to me effectively SHORTING TRY, which has turned out pretty well for me, I’m devastated to say.
Turkish people know this too. They are buying whatever they are able to afford to hedge against inflation. usd, gold, euro, houses, cars…
I have no hope of financial betterment as a country before we get rid of the guy in charge.