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Turks pile into the dollar, gold and stocks as 67% inflation savages ‘worthless lira'

·1 min

Down a dimly lit alleyway tucked just inside Istanbul’s Grand Bazaar, a few dozen men are packed together, dealing in precious metals and currencies. Turkish traders are focusing on dollars and gold, as they have lost trust in the Turkish lira due to high inflation. Inflation remains sky-high in Turkey, despite the central bank hiking interest rates to 45% in January. Savers are turning to gold and foreign currencies to protect their savings. Some are also investing in stocks, leading to a market boom.