The institution responsible for the creation of the asset would be the central bank of Turkey, with the cooperation of the Ministry of Finance and the local Scientific and Technological Research Institution. The main responsible for the research and development efforts will be the Central Bank of Turkey, with which other banking entities operating in the country will also collaborate.
The Turkish digital lira would focus on completing the existing payment infrastructure within the country. The Digital Turkish Lira system will be integrated with digital identity and FAST, a payment system also governed by the country’s central bank.
unbridled inflation
Inflation in Turkey remains soaring and exceeded 83% annually in September, an increase that occurs for the sixteenth consecutive month.
According to official data, the rise in prices was 83.4% annually last month, exceeding 80.2% in August. September’s inflation was driven by transportation prices, which rose nearly 118% year-over-year, while prices for food and non-alcoholic beverages rose 93%.
Turquia suffers from double-digit inflation without interruption since the beginning of 2017but it has never reached current levels since President Recep Tayyip Erdogan came to power in 2003.
Despite this, Erdogan refuses to raise rates and, on the contrary, cuts them, ensuring that high rates engulf inflation, ignoring the advice of specialists.
Source: Ambito
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