The Turkish lira has been battered by a record depreciation — down more than 30% against the dollar this year — and foreign exchange reserves have been badly depleted. The crisis comes as Erdogan is about to lose a powerful ally when President Donald Trump leaves office next month. To deal with Turkey’s spiraling economy, Erdogan has recently moved with a ruthlessness that is usually carefully hidden from view. In mid-December, Erdogan announced a new aid package to tide over small businesses and tradesmen for three months. “When they say there is no food at home, this means there is no food at their neighbor’s, either,” she said.

Source: bd News24 December 28, 2020 04:07 UTC