Turkey has increased the minimum monthly salary by a further 34%. It will go into in effect from July 1. It will be 11,402 lira ($483) during the remainder of the year, in attempt to tackle the rising inflation. It is way over the goal of 5% and reached an all-time high of 85.5 percent in October, which prompted Ankara to increase the minimum wage by a whopping 100 percent over this year. The annual inflation rate fell to 39.6 percentage in May when the government supplied natural gas at no cost and offset the rise on other products.

The current crisis of cost-of-living was due to an unusual strategy of cutting interest rates, despite the rising cost of living and sparked a late-2021 crises in the currency. The currency has lost an additional 21% in the year, most notably following the elections in May. But, the president who was reelected Tayyip Erdogan has indicated that the possibility of a shift towards rate increases after the appointment of Mehmet Simsek as the finance minister as well as Hafize Gaye Erkan to the position of the central bank’s governor.

[ 1 lira = EUR0.039 ]

Source: ca.movies.yahoo.com