ISTANBUL — The list of things that Bilal, a Turkish factory worker, and his family have had to give up is growing longer by the day. They stopped buying meat a year ago and recently had to cut back on using their gas heater and cooking oil, and on snacks for the children.
He and his wife are already heavily in debt and with inflation spiraling higher over the past two months, they cannot make ends meet even after those sacrifices. So Bilal had to turn to his mother for financial help this month, cashing in two gold coins she had set aside for her grandchildren.
“Family is very important,” he said. “In our family, we do not consider it a loan.”
The Turkish economy has been in trouble for several years now, but in the last three months, its currency has lost nearly half its value against the dollar. Turks have been shaken by almost daily price increases in staples from flour and cooking oil to necessities such as electricity and gas. They are finding that their salaries and pensions can no longer pay for even the basics.
a new economic plan, promising to
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