AKP & MHP Vote Down CHP Proposal for Investigation Into Dec 20 Lira Rally

LOCAL NEWS

• AKP & MHP vote down proposal for parliamentary inquiry into the events leading to the lira’s strong rebound on 20 Dec.
  • CHP says it wants to know who benefitted from the transactions made during the period of lira volatility. CHP Deputy said this was an historic currency manipulation, urging Erdogan to allow the investigation
• Alcoholic beverages see 43% price rise after special tax increase on alcohol and cigarettes.
  • Analysts say it’s unclear how much of this increase will be reflected on consumers just yet, but an independent group ENAG estimated headline inflation at 82.8% in December vs 36.08% from the official stats agency
• Erdogan raises his own salary by 144% to TRY 100,750 as part of a previously accepted budget proposal, while min wage and pension increases for 2022 amounted to 50% & 30.5% respectively.
  • This could cause some outrage – adding to social discontent at a time when locals are struggling with rampant inflation and lower PPP