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 Nasdaq 100 at Risk? Citi Strategists Flag Potential Tech Sell-Off READ MORE Household Debt Climbs but Economy Shows Signs of Robust Growth READ MORE Gundlach Skeptical of 'Goldilocks' Economy, Foresees Recession READ MORE The Declining Yen: A Look into Its Battle Against the Dollar READ MORE Oil Prices Decline with Biden's Withdrawal and Fed Rate Cut Prospects READ MORE Add a Comment Cancel replyYour email address will not be published.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