I find it utterly meaningless to talk about the future of exchange rates under the circumstances.
As I was on my annual leave for the last couple of days, I had the chance to speak with a number of people, from South America to Russia. We all have met in this amazing place in Turkey. Like it was arranged beforehand, people from all age groups, all occupations were there.
The political situation in Latin America is very similar to ours. An election or at least a referendum is being held all the time. They are caught up in a vicious circle of inflation and devaluation. While Colombia’s presidential election approaches, Venezuela’s Maduro won a second term as president despite the economy is a total mess.
Russians and Ukrainians used to live together in peace and harmony in that place in question, but the sad truth is that a part of Ukraine is currently under the Russian occupation. Of course, our friends avoided bringing up this issue, because if they did, it could have turned into an inevitable conflict, ruining the peaceful atmosphere.
Visitors from Scandinavia, Netherlands, Germany and Belgium say, “We never gave up on Turkey even though we heard others say terrible things about Turkey over the years. But, you must admit that you became obsessed with this construction business. There are no pavements left for the pedestrians to walk”. They’re absolutely right.
“Need for Domestic and National Values…”
So, I am trying to explain to them the current situation in Turkey while avoiding to become defensive. When I say, “terrorism”, Mexicans and Colombians cut in, “You don’t know what terrorism really is!” When I talk about the “exchange rates”, a Venezuelan looks at me in the eyes and starts laughing. When I put the “stability” issue forward, our Scandinavian guests start staring at me uncomprehendingly. Germans, on the other hand, begin to smirk a bit when they hear me talk about, “growth”.
So, I suddenly say, “Atatürk”. Some reflect that he is an “Exemplary Leader”. Apparently, Atatürk is taught in a number of schools in the Latin America. He is almost as famous as Simon Bolivar. I listen to them while my eyes sparkle with pride. As for “Fikret Mualla”, our French guests know him very well indeed. When I say, “Fahrelnissa Zeid”, the Moroccan and the Egyptian almost give a mini-conference on her. When they hear me say “Arif Mardin”, they become lost in amazement as they did not have any idea about the fact that Arif Mardin founder of Atlantic Records, is a Turkish music producer.
While I was having this conversation, USD/TRY was climbing towards 4,60. I guess I will never have the chance to say positive things about TRY’s stability unless Turkey continues to cultivate such national treasures. That is why we must focus on creating “Domestic and National Treasures” first instead trying to help our Domestic and National Currency gain in value.