They arrested İmamoğlu, and burned the pensioners' 10-year bonus in one night!

The arrest of Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu has opened deep wounds in the Turkish economy. The sudden rise in foreign exchange rates following this event has brought huge costs to the public and private sectors. The dollar testing 42 TL and the Euro testing 45 TL has shaken the markets.

In recent days, the dollar exchange rate has been hovering around 38 TL. Evaluating the economic effects of these developments on SÖZCÜ TV's Nokta Atışı program with İpek Özbey, Sözcü Economy Reporter Erdoğan Süzer summarized the situation as follows:

"ECONOMIC UNCERTAINTY IS DEEPENING"

"We are facing unexpected uncertainty. Inflation was in double digits and people were struggling to see if we could reach the 24 percent level. However, impoverishment has deepened in the recent period and millions of people have had to tighten their belts."

Stating that the cost of the 1.8 TL increase in the dollar exchange rate to the public is 958 billion liras, Süzer stated that this situation is not directly reflected in the citizens' pockets, but its effects will be felt in the near future. He emphasized that the increase in interest rates could lead to an economic slowdown and increase the risk of unemployment.

"PENSIONERS' HOLIDAY BONUS IS IN DANGER"

Stating that the cost of the thousand-lira raise given to 15.5 million pensioners is 28 billion liras, Süzer said, "The 1.2 trillion lira cost covers the entire holiday bonus to be given to pensioners for 10 years."

This economic picture increases Turkey's both domestic and foreign borrowing costs. The Treasury is further increasing its debt burden due to high interest rates. Referring to the calculations made by Erhan Usta from the IYI Party, Süzer stated that the total cost of the increase in the dollar to the public and firms has reached 1.2 trillion liras.

News Source: 12punto