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TURKEY CURRENCY CRISIS
In this video I continue to look at the continuing implications of the Russia's Invasion of Ukraine on TURKEY. Rising OIL and GAS Prices as a result of the War are putting immense stress onto the Turkish Economy. Latest figures show that after accounting for the CURRENCY SWAPS Turkey has a NET DEFICIT of $24 BILLION. Based on the current rate of spending on Energy the Foreign Currency Reserves will not last much longer. TURKEY is under extreme pressure due to HIGH INFLATION and the Fall in Value of the LIRA. Turkey is dependent upon Foreign Energy and Buys 45% of NATURAL GAS, 17% of OIL and 40% of GASOLINE from RUSSIA. Turkey is also dependent upon the IMPORT of GRAIN and RAW MATERIALS for its Industry. The immediate impact of the WAR has been to increase the price of OIL, GAS, FOOD and RAW MATERIALS. With INFLATION already at 54% these price increases will add further strain and may cause the Economy to COLLAPSE.