• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Monday, December 11, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Erdogan’s call to boycott French goods costs Turkey heavily as its currency Lira crashes

It backfired

Akshay Narang by Akshay Narang
October 27, 2020
in Europe
Reading Time: 3 mins read
0
turkey erdogan france lira

(PC: YouTube)

7.5k
VIEWS
Share on FacebookShare on X

Turkey’s President Recep Tayyip Erdoğan is going bonkers in face of French President Emmanuel Macron’s crackdown on radical Islamist groups. Macron has started the ongoing crackdown following the gruesome beheading of a history teacher, Samuel Paty, for showing the Charlie Hebdo cartoons as an example of freedom of speech. But Turkish President and wannabe Caliph Erdoğan seems to have suffered a major meltdown. 

He wants to punish France for taking a stand after Paty’s brutal murder, and therefore on Monday, Erdoğan asked his countrymen to boycott French goods. However, the boycott call has done harm to Turkey than to France. Turkish economy is already reeling under geopolitical tensions and conflicts. And the Turkish President’s French goods boycott call further saw the Turkish Lira hit a record low beyond 8.05 against the US Dollar on Monday. 

Also Read

Jamaica’s one Trillion Dollar Budget: Is Holness Planning to Colonize Mars?

St. Lucia to become the Taiwan of the West

Erdoğan has said that Macron has a problem with Muslims and needs mental health checks. The unsavoury remark has led to Paris recalling its Ambassador from Ankara. However, Erdoğan’s call to boycott French goods seems to show that it is not Macron, but the Turkish President who might have to re-assess his strategy. 

Turkey’s Lira is already under a lot of stress in line with the general trend of a severe Turkish economic collapse. Erdoğan has got Turkey trapped into way too many conflicts from Libya to Syria, Eastern Mediterranean and even Nagorno-Karabakh, and the consequences are showing in the form of a weak currency, high inflation and declining investments. 

And then, Erdoğan’s diplomatic stand-offs with the US President Donald Trump and the Russian President Vladimir Putin have hurt the Turkish economy even more profoundly. Yet, the Turkish President doesn’t seem to be even contemplating a real solution for the economic crisis. He has been whipping up false enthusiasm about so-called Turkish gas reserves in order to ensure that his utterly communal and populist brand of politics remains unscathed. 

Owing to Erdoğan’s bizarre policies and multiple wars, the Turkish Lira has already lost 26 per cent of its value this year. However, Turkey’s economy now seems headed for yet another severe jolt as Erdoğan tries to cross swords with his French counterpart. 

A local bank forex trader has been quoted by Al Jazeera as saying, “The rising geopolitical tensions with the USA and EU are new sources of pressure weakening the lira. The other main elements are the questioning of monetary policy credibility and the adequacy of the lira yield.”

Even apart from Lira, Turkey’s Dollar-dominated government bonds too have fallen by as much as 1.4 per cent, while the main Istanbul share index has also declined by 1.2 per cent. 

Turkey’s geopolitical spats have made it an undesirable destination from an investor’s perspective too. Foreign investors are not ready to park their funds in the Islamist country, because there is no certainty as to when the Turkish President might drag his country into another war, inviting sanctions from powers like the US and the EU.

Therefore, it is not a surprise that as per Turkey’s Central Bank statistics, foreign investment in the Istanbul Stock Exchange has decreased sharply from 32.3 billion US dollars to 24.4 billion US dollars this year. Only as recently as 2013, the figure stood at a mammoth 82 billion US dollars. For the first time in the last 16 years, less than 50 per cent of the stocks are owned by foreign investors.

And now, Erdoğan’s French goods boycott call is going to take away that many more investors and companies away from Turkey. The Turkish President is destroying his country’s economy bit-by-bit. Erdoğan can advise mental health checks to his French counterpart, but the way the Turkish President is destroying the Turkish economy seems to show that it isn’t really Macron who needs mental checks. 

Tags: Short takes
ShareTweetSend
Previous Post

‘You cannot hold any public event in our country,’ Saudi Arabia denies permission to Pakistan for holding Kashmir Black Day protest

Next Post

The Pakistan protests are going to take down Imran Khan, the Army and China’s CPEC all at once

Also Read

The War is Over and Russian Troops are already Grabbing Everything they Can!

The War is Over and Russian Troops are already Grabbing Everything they Can!

December 8, 2023
“Prepare for Bad News from Ukraine,” Stoltenberg drops the Truth Bomb

“Prepare for Bad News from Ukraine,” Stoltenberg drops the Truth Bomb

December 7, 2023
First Rejected, Now Expelled: Germany has completely Abandoned Kyiv!

First Rejected, Now Expelled: Germany has completely Abandoned Kyiv!

December 7, 2023
THIS MAN could be the Next President of Ukraine

THIS MAN could be the Next President of Ukraine

December 7, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
The War is Over and Russian Troops are already Grabbing Everything they Can!

The War is Over and Russian Troops are already Grabbing Everything they Can!

December 8, 2023
Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

Pig Farm Scandal, Trudeau and extremely gory details: Do you have the stomach for it?

June 29, 2023
A Biden Masterstroke: Zelensky to be an American Citizen!

A Biden Masterstroke: Zelensky to be an American Citizen!

December 9, 2023
Germany goes ABSENT from EU meeting to get out of the Ukraine Mess

Germany goes ABSENT from EU meeting to get out of the Ukraine Mess

December 6, 2023
“Prepare for Bad News from Ukraine,” Stoltenberg drops the Truth Bomb

“Prepare for Bad News from Ukraine,” Stoltenberg drops the Truth Bomb

December 7, 2023
Breaking News: Trudeau’s Possible Early 2024 Resignation

Breaking News: Trudeau’s Possible Early 2024 Resignation

December 10, 2023
AI-pocalypse or Political Masterstroke? Trudeau’s Deepfake Gambit

AI-pocalypse or Political Masterstroke? Trudeau’s Deepfake Gambit

December 10, 2023
Is Putin Coming for You? Biden’s Blackmail Tactics Exposed!

Is Putin Coming for You? Biden’s Blackmail Tactics Exposed!

December 10, 2023
A Biden Masterstroke: Zelensky to be an American Citizen!

A Biden Masterstroke: Zelensky to be an American Citizen!

December 9, 2023
The War is Over and Russian Troops are already Grabbing Everything they Can!

The War is Over and Russian Troops are already Grabbing Everything they Can!

December 8, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.