ISTANBUL, Nov. 17 (Xinhua) -- The record depreciation of the Turkish lira hitting 10.45 against the U.S. dollar on Wednesday prompted concerns among Turks about the increasing cost of living.
The Turkish currency has lost over 3.5 percent in value in the last 24 hours, one of its worst devaluations this year, leaving citizens overwhelmed by the skyrocketing costs of almost every item in every aspect of life.
Can Tulgar, 56, moved to Turkey's biggest city Istanbul six years ago after living in the U.S. for 25 years.
"There is an unstable environment, and unfortunately, it is not clear when this situation will be stabilized," Tulgar told Xinhua.
"What I observed is that even two days ago, before the shocking rise (of the value of the U.S. currency) last night, the price tags of some products in shopping malls and stores have been changed before my eyes," he continued.
When asked the reason, he was told that the prices of imported products were changed because they depended on the exchange rate.
"It is still not clear how much more the lira will lose its value and how much money in the pockets of citizens will melt," Tulgar remarked, stressing that the prices would continue to go up with the latest devaluation of the lira.
Oguzhan Biyikli, a 23-year-old young man, told Xinhua that the latest development in the exchange rate lowers Turkish people's living standards, while the prices of daily grocery and imported goods are getting more and more expensive.
At 1:20 p.m. local time (1020 GMT) on Wednesday, one dollar was traded at 10.56 liras for a short period. It later stood at 10.49.
The devaluation of the lira may have a further dip if the central bank decides on another interest rate cut on Thursday. The monetary authority has cut its benchmark policy rate by 300 basis points since September to 16 percent.
Turkish people have long been suffering from a high inflation rate, which is just under 20 percent annually. Enditem
