Turkey: 'Hopeless' - Istanbul residents on new record low of Turkish Lira

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There were queues outside many currency exchanges and banks in Istanbul on Wednesday as residents rushed to purchase other currencies and commodities following the Turkish Lira hitting record lows.

Many Istanbulites gathered in currency booths inside the Grand Bazaar carrying and exchanging foreign currencies.

“This currency will not stay that way. It’s not just about Turkey. Because everything is plentiful in Turkey right now, unemployment is falling, factories are working, industry is working, so there is no shortage, but no one understands why the dollar is rising. Why is it rising? Is this a political crisis,” said vendor, Berk Guven.

“I had just a little bit of Turkish Lira and bought US dollars with it. Lira loses value every day, so I turned my dime into dollars. I’m hopeless,” resident Fikri Yildirim explained.

The Turkish Lira lost 15 percent on the US dollar on Tuesday alone after President Recep Tayyip Erdogan defended recent rate cuts.

Erdogan has been widely criticised in recent weeks for his economic policies around the protection of the Lira’s value.

SOUNDBITES:

SOT, Yalcin Sam, Resident (Turkish): “People are attacking banks because of the increasing exchange rate and the devaluation of the Turkish Lira. They are trying to withdraw Lira cash from the banks. Banks are locking in a lot of transactions on phone banking. They’re unable to process. That’s why there are a lot of people in banks who take their money, their gold and invest it in different ways.”

SOT, Ali Parsligilm, Resident (Turkish): “One dollar is now 12.46 almost 13 Lira. It affects people a lot, you know, especially the pensioners. God help us.”

SOT, Dursun Camkiran, Resident (Turkish): “Turkey has never been like this. We don’t know what’s going to happen next. No one knows. The way the world is going is dangerous so we can’t say anything. We don’t know why it’s going up. There’s something but we don’t know what it is.”

SOT, Fikri Yildirim, Resident (Turkish): “I had just a little bit of Turkish Lira and bought US dollars with it. Lira loses value every day, so I turned my dime into dollars. I’m hopeless.”

SOT, Berk Guven, Vendor (Turkish): “I wish he didn’t. We don’t want him out. I also believe it will come down, this currency will not stay that way. It’s not just about Turkey. Because everything is plentiful in Turkey right now, unemployment is falling, factories are working, industry is working, so there is no shortage, but no one understands why the dollar is rising. Why is it rising? Is this a political crisis?”

#TurkishLira #Istanbul #Turkey

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