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.