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4 Dec, 2021 14:20

Erdogan ousts ‘Made in Turkey’ to boost trade as lira plummets

Erdogan ousts ‘Made in Turkey’ to boost trade as lira plummets

Turkish President Recep Tayyip Erdogan has ordered the country’s national brand to be changed in order to boost recognition of Turkey abroad and confirm the good faith of the nation’s exporters.

All Turkish goods intended for export are now to be labeled “Made in Türkiye” instead of the previously used “Made in Turkey.” “Türkiye” will also be used in correspondence with the country’s foreign partners, including states and organizations.

The move comes as part of “the complex step reflecting the rich culture and heritage of the country,” Turkey’s official legislative journal Resmi Gazete reported on Saturday.

The relabeling drive is in line with the efforts of the Erdogan-led government to boost Turkish exports and thus increase the inflow of US dollars into the country’s flattening economy.

Turkey’s annual inflation surged above 21% in November, marking a three-year high and further exposing the nation to the risk of the harsh rate cuts that triggered a record slide in the lira. So far this year, the currency has dropped about 46% of its value against the US dollar, including a 30% loss in November alone.

The central bank has decreased the key interest rate from 19% to 15% since September, leaving Turkey’s real yields deep in negative territory. It was the latest slash that triggered the lira’s recent slump.

The economic crisis has led to rallies in large cities and calls for the government to step down.

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