ISTANBUL (CIHAN)- The decline in value of the Turkish lira by around 25 percent against the US dollar since the beginning of last year means that
In the case of the euro, the situation is worse. The value of the euro against the Turkish lira has more than doubled since last year, reaching over TL 3 from TL 2.3 since the beginning of last year. This high decline in the value of the lira against major foreign currencies cuts down the buying power of
Yet, as if the supply of Turkish money seems to be endless, Turkish Prime Minister Recep Tayyip Erdogan reiterated in his speech on
It is true that this government has put its stamp on major infrastructure projects, including highways and railways in addition to social projects such as easy access to the health care system, hence raising the Turks' standard of living.
But the Turkish economy has already been giving alarming signals while the lira will not buy as much as it used to due to the decline in its value against the dollar and euro.
The tourism sector, in the meantime, may emerge as a savior in preventing a possible dramatic downward trend in the Turkish economy as the government has been making a real drive in this sector.
Erdogan emphasized in his speech on
In the same speech, Erdogan described a roadmap that he said will take shape and prepare
His major speech came against a backdrop of government-initiated measures to bring the judiciary under the executive organ's control while thousands of policemen have been purged to impede a high-profile corruption and bribery scandal that hit Erdogan's close allies.
The government's retaliation for the graft probe, which included purges within the police organization as well as the judiciary, has already raised serious question marks over the credibility of the Justice and
In fact, the lira has seen about a 13-percent decline in value against the US dollar since the graft probe due to the government's policy of preventing the judiciary from going ahead with the investigations and reducing market confidence in
Yet opinion polls indicate that the
And Prime Minister Erdogan's plans to introduce huge projects, including those in the defense sector, which require big budgets and sometimes foreign capital inflow, continue unabated.
This is despite the fact that
Local production of main battle tanks code-named
"Our government targets a
It is fair to say that
Yet, the Turkish defense industry policy that
Erdogan's remarks that imply that "
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Vybz Kartel Convicted of Murder
- Stocks Close Lower Ahead of Crimea Vote
- FDIC Sues Big Banks Over Rate Manipulation
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- U.S. Consumer Sentiment Falls in Early March
- JLo Turns the Tables in New Vid: 'I Luh Ya Papi'