Amidst 36% Inflation Jump, Turkey’s Currency Value plummets, Citizens Finds Rescue in Stablecoins

Synopsis

“Amidst this rising inflation, the citizens of Turkey have flocked to invest in stablecoins with a skyrocketing increase in investments in Tether. As per the reports the inflation in Turkey has risen to a high of 36% which is the highest in 19 years. The Turkish Lira has lost 44% of its value to the US Dollar since last year creating a huge turmoil in the prices of goods and services in the markets.”

As per the reports the inflation in Turkey has risen to a high of 36% which is the highest in 19 years. The Turkish Lira has lost 44% of its value to the US Dollar since last year creating a huge turmoil in the prices of goods and services in the markets. The central bank of Turkey has slashed the interest rate down four months in a row to curb the inflation taking the value of Turkish Lira to a record low of 15.5 Lira per USD in mid December. Inflation is being encountered all around the world due to post pandemic effects and due to extensive money printing by the countries around the world.

Amidst this rising inflation, the citizens of Turkey have flocked to invest in stablecoins with a skyrocketing increase in investments in Tether. Out of all the trades executed in cryptocurrencies, stablecoins have been found to be the choice of the citizens. Out of all the trades, Tether-Lira pair accounts for 28.96%. While, the president of the country has claimed that they have a somewhat different stance against the cryptocurrencies and are looking to push its own currency for benchmarking over the foreign currencies such as USD. In a statement the President Recep Tayyip Erdoğan said “As long as we don’t take our own money as a benchmark, we are doomed to sink. The Turkish lira, our money, that is what we will go forward with. Not with foreign currency.”

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

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