Recep Tayyip Erdogan

Turkey’s President Recep Tayyip Erdogan has won reelection, according to unofficial results.

The Turkish lira has lost roughly 47% of its value in the last full year, in a rout driven by Erdogan’s refusal to raise interest rates.

Turkey’s currency has lost more than 48% of its value in the last year as Erdogan pushed on with his policy of eschewing rate rises despite sky-high inflation.

For years, Turkey and the UAE have been on opposing sides of regional conflicts due to deeply conflicting ideologies.

Prices of consumer goods spiked 11% from the previous month, according to the Turkish Statistical Institute, higher than analysts’ predictions.

Populist parties and politicians lost support all over the world during the pandemic, a survey of more than half a million people has found.

Turkey’s lira lost 44% of its value in 2021, due in large part to a refusal by the president to raise interest rates to rein in inflation.

Goldman Sachs sees Turkey’s inflation going above 40% for most of coming year.

The lira gained around 20% against the dollar at one point on Tuesday, before paring gains.

Inflation in the country of 84 million is now at more than 21% and has climbed steadily as President Recep Tayyip Erdogan has refused to raise rates.

Turkey’s central bank has subsequently announced it will intervene directly in the foreign exchange market, selling dollars to prop up the lira.