The green plum is the start of spring for Turks. It is only available once a year around April, when the plum tree is full of fruit.
For a long time, the sour plum was an affordable food item for the working class. This delicacy has been absent from Turkish tables in recent years due to rising prices and falling value of the Turkish lira.
It's possible that its place in Turkish tradition has caused social media to be a bit upset at posts showing a kilogram of the green plum for less than the Turkish currency. The price of the plum has gone up in a country where the minimum wage is around $290 a month.
When he ran for president in 2002, the Turkish leader ran on a platform to combat hyperinflation.
The early days of the AK Party government will be remembered for free market policies that helped rebuild the economy. The reverse of the approach typically used by central banks has been pursued by Erdogan in recent years.Turkey is on its fourth central bank governor since 2016. Over that period, interest rates have ranged from less than 10% to almost 25%.
According to a report in Turkey's Hurriyet Daily News, he said in November that his approach would boost jobs, growth, exports and cheap credit.
We will lift the interest rates from people's backs. In November, Erdogan told AK Party lawmakers that they couldn't allow their people to be crushed by interest rates.
I can't and won't stand on this path with those who defend interest rates.
Some of his conservative base say the Quran approves of trade but considers debt with interest a sin. The belief is that interest rates only benefit a small group of people.
Arda Tunca, an independent economist and columnist at Turkish news site PolitikYol, told CNBC that Turkey's economy is suffering because of that monetary policy.Line chart with 154 data points.The chart has 1 X axis displaying Time. Range: 2021-10-14 00:00:00 to 2022-04-12 00:00:00.The chart has 1 Y axis displaying values. Range: 8 to 18.End of interactive chart.
Tunca said that monetary policy is not functioning. There is nothing that can be done to prevent inflation from rising.
The president pressured the central bank governors to lower their interest rates. Despite high inflation, the central bank began lowering rates in September. The rate is at 14.
In six months, the lira has lost more than half of its value against the dollar.
The depreciation of the Turkish lira has resulted in high food prices for households because Turkey imports a lot of items in dollars. Turkey's consumer price index data for food and non-alcoholic beverages showed a year over year increase in March.
Turkey has a lot of fertile land. The country is dependent on imports.
Tunca said that the incumbent government does not allow local manufacturers and producers to develop their capabilities in manufacturing and producing.
The AKP and its officials are not planning to raise interest rates.
Turkey has been in need of structural changes for a long time. The only way to change Turkey's economic policies is to use a new set of policy tools.
In a recent speech, Erdogan conceded that the rise in global energy and food costs has hit Turkey without mentioning interest rates. The government will come down hard on those who set high prices.
Turkey's populace over the age of 40 experienced the severity of distortions on income equality. Tunca said that younger generations are seeing high levels for the first time.
It seems that the tradition of eating green plums covered in salt may no longer be a part of Turkish society.