The dollar, which was 1.67 TL on the day the AKP came to power, increased to 10 TL in 19 years. Since 2002, the dollar rate has increased 6.6 times.
Here are the changes in the dollar exchange rate between 2002 and 2021:
2002 1.50 dollars/TL
2003 1.49 dollars/TL
2004 1.42 dollars/TL
2005 1.34 dollars/TL
2006 1.43 dollars/TL
2007 1.30 dollars/TL
2008 1.29 dollars/TL
2009 1.54 dollars/TL
2010 1.50 dollars/TL
2011 1.67 dollars/TL
2012 1.79 dollars/TL
2013 1.90 dollars/TL
2014 2.18 dollars/TL
2015 2.72 dollars/TL
2016 3.02 dollars/TL
2017 3.64 dollars/TL
2018 4.81 dollars/TL
2019 5.67 dollars/TL
2020 7.01 dollars/TL
2021 10 dollars/TL
THE DOLLAR CLIMBED FROM 1 LIRA TO 5 LIRA IN 17 YEARS, FROM 5 LIRA TO 10 LIRA IN 3 YEARS!
While the dollar/TL rate rose from 1 lira to 5 liras in 17 years, it climbed from 5 liras to 10 liras in just 3 years.
On November 3, 2002, the day the AKP came to power, the dollar was at 1.67 TL and the euro was at 1.66 TL.
In the April 6, 2017 constitutional referendum, the dollar was 3.68 TL and the euro was 3.90 TL.
On June 17, 2018, on the day when MHP Chairman Devlet Bahçeli called for early elections, the dollar was 4.09 TL and the euro was 5.07.
On 19 June 2018, President Tayyip Erdoğan said, “Give the authority”; on the day he said, "You will see how to deal with this and that with interest," the dollar became 4.75 TL and the euro 5.49 TL.
At the beginning of 2021, the dollar saw the level of 7,34 TL and the euro 9 TL.
On March 19, 2021, the day before Naci Ağbal was dismissed from his duty as the Central Bank, the dollar was at 7.26 TL and the euro was at 8.65 TL.
The Central Bank cut the policy rate by 100 basis points from 19 percent to 18 percent at the meeting on September 23. As of September 24, the dollar became 8.82 TL and the euro became 10.34 TL.
On October 14, two Deputy Heads of the Centre and a Monetary Policy Board member, who had the right to vote in interest rate decisions, were dismissed by President Erdoğan. The developments caused a new acceleration in the depreciation of TL, the dollar/TL rate exceeded 9.15 TL and reached its historical peak.
After the Central Bank cut the interest rates by 200 basis points on October 21, the dollar rate increased to 9.49 TL.
After the successive cuts of the Central Bank, the Turkish lira's meltdown against foreign currencies in anticipation of "interest rate cuts" grew.
Dollar/TL level continued to see a record, exceeding 10 TL.
RESULTS OF THE RISE OF THE DOLLAR
Exchange rates increase inflation, poverty deepens. Wages and salaries are melting while someone is making a profit on gold-currency. Loan debt is skyrocketing.
On January 4, while the dollar was 7.37 TL, the minimum wage worker could get 383 dollars. The income of the minimum wage, which is 2 thousand 825 TL, is now only 282.5 dollars, according to the dollar exchange rate, which has increased to 10 TL. This figure is even below the minimum wage in China, which is known for paying very low wages. The minimum wage in Beijing has risen to $360. Minimum waged workers in Turkey work even cheaper than in China.
As a result of foreign dependency in both production and finance, foreign debt increases where it stops, taxes do not return as a service, finance flows to capital, contractors earn more income from the increase in exchange rate. Those who export, groups with high foreign exchange add wealth to their wealth.
Although inflation is declared as 19.58 percent according to TÜİK [Turkish Statistical Institute] data, annual inflation is 44.70 percent according to the Inflation Research Group (ENAG). Turkey has the 8th highest inflation rate in the world with an inflation rate of 44.7 percent. Since the depreciation of the TL with the increase in the dollar also means an increase in inflation, prices are increasing one after the other. Collective bargaining agreements are wanted to be signed at a point between zero and the unreliable inflation figure of TÜİK, and purchasing power is decreasing. (EVRENSEL DAILY)
Yusuf Karadaş