Turkey hikes minimum wage amid soaring inflation

ANKARA: Turkish President Recep Tayyip Erdogan announced that the nation's minimum salary would be increased in response to skyrocketing inflation and unstable currency exchange rates.

According to Erdogan, the minimum salary would be 5,500 Turkish liras (USD 328), with a 30-percent interim raise beginning on July 1.

To lessen the financial strain on workers, the government hiked the monthly minimum salary by 50 percent at the beginning of this year.

Turkey has battled rising inflation for a very long time. The Turkish Lira has lost close to 100% of its value versus the US dollar in the year before June.

In order to stimulate exports and manufacturing and stabilise the lira, Erdogan has long focused on a low-interest strategy, pleading with his supporters to be patient.

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