2023 Will Be a Trying Year


No matter where I go in Turkey, people have been asking the same questions for years, such as “What will be the year-end inflation?” or “What about the dollar?”.

I always say people not to trust too much in inflation rates announced by the government. But on the other hand, the fact that these statistics, which do not match the actual cost of living or the actual cost of production, are still given credit, shows that people still have high respect for the institutions of the Republic. Nevertheless, it would be a major mistake to prepare your financial statements and build future projections based on the data provided by TurkStat. Therefore, each company should make its own cost index. Of course, costs may vary depending on region, industry and the company itself.


As for the “what about the dollar?” question, it never changes. Since the government interferes in the free price formation in every way imaginable, I mostly answer this question with, “Only God knows”. Then I remind them of a book I co-authored with Yalın Alpay, “Olaylarla Türkiye Ekonomisi” (Important Events in Turkish Economy” which explains the history of countless devaluations and foreign exchange attacks in Turkey, and the national currency will stop depreciating in a country that never completes the required structural reforms. I always say, if the exchange rates remain stable for a long time or only slightly go down, those with outstanding debt should turn such situation into an opportunity. And most importantly, “Those who have no business with foreign currency should not buy foreign currency”.


Lately, people have also been asking about the stock market. It is only natural for the stock market to rise in a country where the interest rate is extremely low and the foreign currency does not help its holders to make money in real terms. In Turkey, only the patient and careful ones can make money”.

“What is a Virtuous Person?”

Obviously, I should mention the “What about gold?”, “What will happen to the real estate market?”, and of course, questions about the cryptocurrency markets. While listening to all these questions, I think to myself: No one is actually after real profit, most people, driven by panic, are trying to protect themselves against the ever-increasing inflation. Some are struggling to recover from financial losses. Some are using their child’s tuition fees to take a chance at the stock. Don’t you try it ever!


A few years ago, someone said to me, “Professor, I bought gold with some money entrusted to me, and now I’m facing the consequences.” “Sorry but it looks like you got what you deserve”. I explained to this person, who tried to make a profit using someone else’s money, that his problem is not about financial literacy, and that it rather lacks morality.

Dear friends, very few people realize the wrongness of their actions and regret them.Many people regret their actions because they fail to cover them up and they are eventually revealed. Choosing between the right and wrong actions determines a person’s value and character. The New Year, 2023, will be a challenging year for everyone where they will have to take a trying test of right and wrong.