RFE
30 Nov 2021, 23:45 GMT+10
The sharp weakening of Turkey's national currency, the lira, is hitting Turkmen labor migrants whose families back home depend on remittances.
The lira has lost more than 40 percent against the dollar since May as President Recep Tayyip Erdogan pushes a low interest rate policy despite rampant inflation. The central bank has slashed its policy rate by 400 basis points since September despite annual inflation around 20 percent.
The lira was down again on November 30, trading at around 13 to the U.S. dollar. That compares to May when it was at around 8.6 to the U.S. currency.
Several families in Turkmenistan told RFE/RL that their relatives working in Turkey are unable to send money to them because of the lira's drop in value.
SEE ALSO: Turkmenistan To Make It More Difficult For People To Get Subsidized Food
Part of the problem, they say, is that food and everyday necessities in Turkey have risen in price, leaving the labor migrants with no extra money to send home. Another issue is the rising cost of exchanging lira for dollars, the only major currency that is possible to transfer to Turkmenistan from abroad.
A mother of two in the southeastern region of Mary told an RFE/RL correspondent on condition of anonymity that her husband says he isn't able to earn enough in Turkey to support himself let alone send money back.
Turkey has long been the main destination for Turkmen labor migrants to earn money as their own country, one of the most secretive and closed in the world, endures dramatic economic hardships. Several other Central Asian nations are facing a similar situation with regard to falling remittances, a key factor in their economies.
According to the latest figures published by Turkey's Migration Service, Turkmen citizens rank second after Iraqis in terms of the number of foreign nationals granted residence permits in Turkey in 2021. It is estimated that in 2021 alone, almost 118,000 Turkmen nationals have received residence permits in Turkey.
In July, sources close to the Turkmen government told RFE/RL that some 2.8 million people currently reside in the country, while officially the tightly controlled former Soviet republic's population is more than 6 million.
Copyright (c) 2018. RFE/RL, Inc. Republished with the permission of Radio Free Europe/Radio Liberty, Washington DC 20036
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationDUBLIN, Ireland: Homelessness in Ireland has reached an all-time high, with 15,286 people in emergency accommodation in January 2025,...
TOKYO, Japan: The number of babies born in Japan fell to a record low of 720,988 in 2024 for a ninth consecutive year, the health ministry...
AUSTIN, Texas: Tesla has taken a key step toward launching its long-promised robotaxi service by applying for a transportation permit...
WASHINGTON, D.C.: The U.S. military has 30 days to decide how it will find and remove transgender service members. This may involve...
DES MOINES, Iowa: Iowa lawmakers have passed a new law that removes protections for gender identity from the state's civil rights code....
Jaipur (Rajasthan) [India], March 6 (ANI): Rajasthan Chief Minister Bhajanlal Sharma expressed grief over the Abu Road accident. On...
WASHINGTON, D.C.: The U.S. is sending about 3,000 more soldiers to the U.S.-Mexico border as President Donald Trump pushes to stop...
ANNAPOLIS, Maryland: Maryland's largest managed care organization for Medicaid recipients has had its accreditation suspended, prompting...
SEOUL, South Korea: A U.S. aircraft carrier reached South Korea over the weekend, shortly after North Korea test-fired cruise missiles...
WASHINGTON, D.C.: Firefly Aerospace has achieved a major milestone in private space exploration, successfully landing its Blue Ghost...
CAPE CANAVERAL, Florida: This week, a small NASA satellite was launched into space from Florida to find and map water on the moon....
TOKYO, Japan: The number of babies born in Japan fell to a record low of 720,988 in 2024 for a ninth consecutive year, the health ministry...