Turkey’s Minister of Economy Meets with SHIB Community amid Historic Inflation

Turkish Lira entered into free-fall stage of inflation last year.

Turkey’s Minister of Economy, Mustafa Elitas, met with the local Shiba Inu (SHIB) community to discuss possible meme coin adoption.

In a face-to-face meeting with the Minister of Economy, both sides have talked about the ecosystem of Shiba Inu (SHIB). The meeting took place at the Grand National Assembly of Turkey, the Turkish SHIB Army shared later. 

Neither the Shiba Inu community nor the Office of the Minister of Economy has revealed any further details regarding the meeting.

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Nevertheless, one of the potential reasons for the official interest in Shiba Inu (SHIB) could be the meme coin’s popularity among Turkish citizens. 

Trading activity in SHIB and Tether (USDT) was five times higher than trading in Bitcoin, as the national currency Turkish lira is continuously losing its value because of historic inflation.

The Turkish lira entered into free-fall last year after President Recep Tayyip Erdogan made a decision to reduce interest rates in hopes of lowering the already ongoing inflation.

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His decision was contrary to what most monetary policy experts recommend, and has had a dramatic effect on the national currency.

The Turkish lira lost 44% of its value in 2021 with prices of everyday products and services soaring to record highs. Yesterday the lira dropped even deeper and reached its lowest point since December. Experts say growth perspectives are vague in the face of Russia’s war in Ukraine and its devastating effect on the global economy.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Simona Ram

Simona Ram is a senior journalist at DailyCoin, who covers the forces and people shaping the Web3 industry and the areas where decentralized crypto assets meet the centralized world. She has experience in business communication within the financial sphere and has a degree in Foreign Languages, which helps her interact effectively with sources from diverse backgrounds. In her free time, Simona enjoys exploring new cultures.