Turkish Investors Flock to Dollars and Gold Amid Lira's Decline In response to staggering inflation rates of 67%, Turks are increasingly seeking refuge in the stability of the dollar, gold, and stocks, moving away from the rapidly depreciating Turkish lira. In the bustling environment of Istanbul’s Grand Bazaar, traders congregate in what’s known as a “standing market,” a vibrant hub resembling a stock exchange floor, to exchange precious metals and currencies. The current economic climate has severely undermined confidence in the Turkish lira, prompting individuals like trader Adnan Kapukaya to declare the national currency as “almost worthless.” This dramatic shift in preference underscores the public’s loss of faith in the lira due to unrelenting inflation and their consequent pivot towards more reliable assets. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold Dips as Market Awaits Federal Reserve Clues from Inflation Data READ MORE Dollar's Decline Fuels Gold's Advance; All Eyes on U.S. Economic Data READ MORE China's Gold Reserves Climb as Market Faces Mixed Demand Dynamics READ MORE Economist Predicts U.S. Recession, Calls for Immediate 'Debt Detox' READ MORE Year of the Dragon: Surge in Singapore’s Gold & Silver Sales | Chinese New Year 2024 READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment