Turkey in Review: December 7 – December 27
Dec 30, 2021 - ISW PressTurkey’s volatile currency has worsened the humanitarian crisis in northern Syria and raised the cost of Ankara’s governance responsibilities there. The Turkish lira’s recent volatility and Turkey’s high inflation rates pose significant problems for not only those living in Turkey but also in Turkish-controlled northern Syria, where Turkey has built extensive financial networks and introduced the use of its currency. The Turkish lira lost up to 40 percent of its value over 2021 as a result of President Recep Tayyip Erdogan’s unconventional monetary policies. The lira’s value has improved slightly and stabilized since December 20, but price hikes on basic goods will likely remain, disrupting the purchasing power of Turks and Syrians alike.