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Planet Money

Turkey's runaway inflation problem

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 6 April 2022

⏱️ 21 minutes

🧾️ Download transcript

Summary

Turkey is facing really high inflation, over 60 percent. Its president is taking an unorthodox approach to dealing with it. | Subscribe to our weekly newsletter here.

Transcript

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0:00.0

This is Planet Money from NPR.

0:03.0

Emer Picard was born and raised in Istanbul.

0:08.9

In the 90s when he was in middle school, he worked summers at the city's Grand Bazaar,

0:13.7

a sprawling covered market of stalls and shops.

0:16.6

I have very fond memories.

0:19.4

People came from all over Turkey to buy everything from furniture to clothing to pots

0:23.7

and pans.

0:24.7

Emer's family ran a jewelry store there, selling gold coins and traditional Turkish

0:29.3

furniture.

0:30.3

I started out as a runner boy, sweeping the floors, cleaning the windows, setting the

0:35.6

displays.

0:36.6

Then I graduated to ferrying gold and cash around.

0:42.4

Today, Emer lives in London, where he follows Turkish politics and economics for his job

0:47.1

at the Eurasia group.

0:48.7

But he's been steeped in this stuff since he was a teenager, working at the family jewelry

0:52.5

business.

0:53.5

I remember one of the guys working at our shop, who's in age somewhere between my father

1:00.5

and my grandfather, had kept a daily record of the Lyra dollar exchange rate dating from

1:09.0

1960 in a small bookie kept.

1:12.0

I was just fascinating to see how the exchange rate went from one Lyra to the dollar to, by

1:20.4

the time I was done at the buzzer to about 1.6 million Lyra to the dollar.

1:26.1

Turkey's economy has been very up and down over the years, and now it's down again.

...

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