Erdogan ousts ‘Made in Turkey’ to boost trade as lira plummets

Must read

Sen. Hawley Introduces Bill To Allow States To Deport Illegal Immigrants

Already this fiscal year, the U.S. has seen record-breaking numbers of illegal immigrants crossing the border. So far,...

MSNBC’s Joy Reid Compares Floridians Evacuating Hurricane Ian to Illegal Immigrants: ‘Ironic That They Have to Pour Over the Borders and Go North’

MSNBC host Joy Reid belittled Floridians trying to escape Hurricane Ian, comparing them to illegal immigrants and suggesting...

What Happens When a Fact-Checker Doesn’t Get the Facts Right?

By Chandler Lasch for RealClearReligion Georgia Democratic gubernatorial candidate Stacey Abrams recently came under fire for...

Trump Has Seen Enough: Offers to Negotiate Peace Deal Between Russia, Ukraine

Former President Donald Trump advised leaders on how to deal with ongoing events in the Russia-Ukraine war, even...

Turkish President Recep Tayyip Erdogan has ordered the country’s national brand to be changed in order to boost recognition of Turkey abroad and confirm the good faith of the nation’s exporters.

All Turkish goods intended for export are now to be labeled “Made in Türkiye” instead of the previously used “Made in Turkey.” “Türkiye” will also be used in correspondence with the country’s foreign partners, including states and organizations.

Read more

Collapsing currency leads to mass protests (VIDEOS)

The move comes as part of “the complex step reflecting the rich culture and heritage of the country,” Turkey’s official legislative journal Resmi Gazete reported on Saturday.

The relabeling drive is in line with the efforts of the Erdogan-led government to boost Turkish exports and thus increase the inflow of US dollars into the country’s flattening economy.

Turkey’s annual inflation surged above 21% in November, marking a three-year high and further exposing the nation to the risk of the harsh rate cuts that triggered a record slide in the lira. So far this year, the currency has dropped about 46% of its value against the US dollar, including a 30% loss in November alone.

The central bank has decreased the key interest rate from 19% to 15% since September, leaving Turkey’s real yields deep in negative territory. It was the latest slash that triggered the lira’s recent slump.

The economic crisis has led to rallies in large cities and calls for the government to step down.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Sen. Hawley Introduces Bill To Allow States To Deport Illegal Immigrants

Already this fiscal year, the U.S. has seen record-breaking numbers of illegal immigrants crossing the border. So far,...

MSNBC’s Joy Reid Compares Floridians Evacuating Hurricane Ian to Illegal Immigrants: ‘Ironic That They Have to Pour Over the Borders and Go North’

MSNBC host Joy Reid belittled Floridians trying to escape Hurricane Ian, comparing them to illegal immigrants and suggesting...

What Happens When a Fact-Checker Doesn’t Get the Facts Right?

By Chandler Lasch for RealClearReligion Georgia Democratic gubernatorial candidate Stacey Abrams recently came under fire for...

Trump Has Seen Enough: Offers to Negotiate Peace Deal Between Russia, Ukraine

Former President Donald Trump advised leaders on how to deal with ongoing events in the Russia-Ukraine war, even...