Ask HN: Turkey Residents, how do you survive with a 79%+ inflation rate?

23 points·WheelsAtLarge··12 comments

I'm interested in knowing what strategies you have adopted to deal with hyper-inflation. Have you seen any positives?

I have some friends in Turkey that I've discussed it with. In short, immediately cashing out any Lira to Euros (normally at a horrible rate), stocking up on long shelf-life essentials, and simply weathering the storm. Many people are moving away from the cities to live with parents again, and generally doing whatever they can to tighten the belt.

You may find this podcast about high inflation in Brazil relevant.

https://www.npr.org/sections/money/2010/10/01/130267274/the-...

The same way that Iranians (Turkey's neighbor) have been living with +%20 (monthly) for decades now. Honestly, it's not living, it's just being alive.

The answer is likely not to hold any local currency. Which might not really be feasible for many local people.

IIRC Based on the latest numbers 70+% of Turks do hold their savings in foreign currency. So it’s accessible and widely used. It’s probably one of the reasons Turkey is weathering the storm better than expected, though it’s still a pretty bad situation. This corroborates with my personal experience as well.

Turkey doesn't exist anymore. It's Turkiye now. How do you respect people's pronouns but you don't respect proper nouns?

Türkiye you mean? Diacritics are half the fun.

yea aka Genocidistan

Most of them save in foreign currencies.

Buying USD stablecoins.

idk, returns of over 50% per year sounds too good to be true

......?

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