Further rise in USD/TRY exchange rate ended up with another government intervention today since the government is trying to eliminate anything that might disrupt their voters’ positive perception of them before the second round of the elections. However, everyone is aware of the unavailability of foreign currency in the central bank’s reserves.
Having stopped selling foreign currency, the CBRT now sells gold. They are calculating the money to be spent by the tourists in summer. The expectations about the value of the Turkish Lira or the overall income should not be based on such petty calculations. People are afraid that the government will impose capital control in this time of crisis. Well, technically, they are already doing it, this is no news.
While half of the country thought that they would wake up to an entirely different Turkey on 15 May, the other half said, “I have some complaints, but let it stay that way”. This made me think of Roger Federer, who said “A man who wins, is a man who thinks he can.” He once asked Steffi Graf her motto for success. Graf simply replied “Just don’t let the ball bounce twice”. Sometimes the philosophy behind winning is not some complicated design.
We should ask ourselves:
– How many people are directly affected by the rise and fall of the exchange rates?
– Can those who suffer from the rise in loan interest rates have their voices heard better than those who have never taken out loans?
– Who is the majority? Those who complain about the high cost of living or those who say “We shall overcome this crisis as well. We’ve seen worse times in this country” ?
– How many want a return to social democracy from security policies?
The answers to these four questions actually explain everything. When the economy deteriorates, it is true that most of the people suffer, except those who make money from the crisis and keep growing their wealth. Of course, educated and civilised people criticize the government’s approach to democracy, economy, social justice, and freedom. However, we cannot know for sure exactly how many citizens demand that these notions are improved and restored, for they are the prerequisites for development and prosperity. It seems to me that people would like to have them back but sadly they want others to fight on their and everyone’s behalf, just like saving money or saving the environment. Two things you know that are important but you expect others to do it for you.
No matter whom you support, the government or the opposition. Just try to keep your expectations not too high. Turkey has some serious problems that need urgent and sustainable solutions. It is dealing with conflict, internally and externally. It can be neither European nor Asian. However, it can be better than both of them, but not until it takes matters into its own hands.