About Me

Monday, April 30, 2018

Chaos Ahead!

I am sure, none of my readers are interested in Politics and Economics in Turkey but, let me tell you things are looking not good on the horizon.

We are headed for early elections and if the current Government does not go away, it will be horrible in the long run. We may as well kiss secularism, democracy and justice goodbye.

The economy was getting worse and worse each day and the Government has not been doing anything about it. You may ask why and I can answer with one word: Corruption!

Anyway, there are rumors that, as soon as the elections are over, if the current Government stays on, there will be a major devaluation of Turkish Lira against hard currencies such as the USD and Euro. They are also thinking that, the currency regime may go back 40 years and that our USD accounts may be frozen at a certain exchange rate and we may have no longer access to hard currencies as much as we like to. Given that half of my savings are in hard currencies, this can lead to a disaster for me personally.

They think bank safety deposit boxes will be safe at least for the time being. I started withdrawing hard currencies and placing them in a safety deposit box that I rented from my bank. My sister also has one at her branch. So, I am sending her some USD for her to keep it in her safety deposit box. I have a safe at home but, I really do not like to keep much cash there. I am also converting as much TL to USD as possible anticipating the devaluation.

I presume, none of my readers will ever have this problem. If this scenario does not happen, all I will have lost will be some interest on my USD accounts. Better safe than sorry...

I am also investing in small gold coins since they can be converted to cash very easily. So, before June 25, I should be done with all my maneouvres.

I just cannot stand the dummies in the Government.

9 comments:

  1. At least you are on top of this. Will they notice and report you are stashing cash in the boxes? If things keep up at the rate we are going, secularism will lost here, too. I know Turkey is your home, but is there a chance you can all escape to some place else? I don't mean flee in the night, but just go someplace less repressive.

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    1. The youngest person in my family of 10 (counting my sister's in-laws) is 43, my cousin. We have homes, health issues and old people in the family. If I were in my late twenties or early thirties, I would try to relocate. I am afraid that is no longer an issue.

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    2. I meant no longer an option.

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  2. We were due to visit Turkey in August 2016, 4 weeks after the attempted coup. So our trip there was cancelled and I doubt I'll get there now. Its a place I've always wanted to visit and its such a shame to see whats happening there. It must be worrying to see these changes happening in your own country. Converting the money sounds like a good idea. I

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    1. I am so sorry for your trip. Those were weird times. Most people do not think it was an attempeted coup by the opponents of the governing party. Many still think it was staged. I have no idea. I hope, this Government will go away and we will go back to normal. Then, I will be happy to meet and entertain you here.

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  3. Scary! I hope things stabilize for you there.

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  4. Every time I hear of Turkey in the news, you always pop in my mind, and I wonder how things impact you and your life. I think you are being smart and proactive in converting your money!

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    1. Thank you for thinking of me. My family and I are on pretty solid ground for the time being. I hope, it will stay that way. However, I find it important to take precautions.

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