Turkey’s Erdogan turns to Islam as the Lira plummets!

The Turkish Lira crashed to a record low in response to Erodgan’s proclamation. An estimated 35 percent of the Lira’s value against the dollar has crashed in the last 30 days. Overall, the Lira’s value has declined by 50 percent this year. A surge in inflation has led to a burning of the Lira on the streets of Turkey. The inflation rate crossed 21 percent last month. People are queuing for subsidized bread. Many of them have fled the country for a better life in Europe, cutting down on meat as well.

Nearly every economic official who challenged him has been fired by the Turkish president. In two years, he sacked three central bank chiefs and forced the country to accept lower interest rates. Erdogan has maintained interest rates throughout the inflationary period. Turkey’s central bank has been forced to keep interest rates low, which has allowed Turkish banks to offer loans at lower rates. Inflation now exceeds historic levels, and the economy is experiencing excess money.

In an ideal world, the central bank would have increased interest rates to encourage savings, discourage borrowing, and control inflation. In spite of this, the Turkish central bank is powerless, as it remains under Erdogan’s control. Now, Erdogan defends his decision by citing religion. The Turkish leader says Islam prohibits him from cutting interest rates. ‘We’re lowering interest rates. Don’t expect anything else from me. As a Muslim, whatever (Islamic teaching) requires I will continue to do that,’ he said. With Erdogan’s approval ratings at record lows amid the economic downturn, Turkish voters are gearing up to get rid of him in 2023.

An opinion poll indicates that only 39 percent of Turkish voters want him to continue. Only 26 percent of Turks support Erdogan’s AKP. With almost 40% of the vote, the national alliance, a coalition of opposition leaders, has won. Islam has always been Erdogan’s weapon of choice. Every time he senses trouble, Erdogan brings up religion. In response to the West’s attack, Erdogan proclaimed himself a leader of the Islamic world and received support from Malaysia and Pakistan.

The president began losing support domestically after converting the Hagia Sophia museum to a mosque, and he later converted more churches and museums to mosques. Erdogan responded to criticism with Islam. Unfortunately, the economy has proven to be his Achilles heel. Considering the anger of the Turkish people, his strategy is not working, as he is using religion to defend his policies.