Erdogan ordered increases while the pound is being destroyed

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Turkish President Recep Tayyip Erdogan said today that the country’s minimum wage would rise from 8 2,825 to 4. 4,250 next year amid a record low of the national currency.

“As part of the negotiations, we have made a decision, according to which the minimum wage will be at least 4,250 pounds in 2022. For those with minor children, the amount will be even higher,” Erdogan told reporters.

Earlier it was reported that such a move was expected.

READ ALSO: Erdogan’s midnight dismissals fall by pound

More than 40% of all workers in Turkey earn the minimum wage, according to the country’s Social Security Foundation, which means the increase will cause new fluctuations in the economy at a time when polls show Erdogan’s popularity is falling.

Product prices are now rising daily and rising prices are fueling the anger of citizens in Turkey.

The minimum monthly wage for 2021 was 8 2,825, a figure that fell to $ 380 at the beginning of the year, but has dropped to $ 186, as the pound has lost more than 51% of its value this year.

The Turkish president’s regular pay rise comes after major currency devaluations or a sharp rise in inflation. With a pound expected to continue the free fall, the occasional relief offered by the Erdogan government has gone unanswered and the majority of Turkish citizens have stopped counting or waiting for it.

A few hours earlier, the Central Bank, at the urging of Erdogan cut interest rates by 100 basis points, to 14%, extending pound losses.

Petros Kranias

Source: Capital.gr

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