In the Turkish city of Adana, oil was found in two wells, the reserves of which are estimated at $1 billion. This was announced on Monday, June 27, by President Recep Tayyip Erdogan, addressing the people after a meeting of the Cabinet of Ministers.
“Two wells in Adana, where exploration work is being carried out, have found high-quality oil. The value of the reserves is estimated at about $1 billion,” Erdogan was quoted as saying by the Turkish edition of 16 haber.
Touching upon the current economic situation in Turkey, the Turkish leader asked the people for a little patience.
“We will significantly reduce the inflation rate by February-March 2023,” the President assured.
At the end of 2021, a depreciation of the Turkish lira was recorded. So, on the afternoon of December 17, it dropped to 16.86 per US dollar. At the same time, the rate was 15.21 lira per $1 the day before.
On December 3, Bloomberg reported that annual inflation in Turkey reached 21.3% in November against 19.9% in October. Analysts had expected inflation to rise to 20.7%. Experts noted that December inflation will be much higher.
On the same day, Natalya Ulchenko, Doctor of Economics, Head of the Department of Economics and Economic Geography of Asian and African Countries at the Institute of Asian and African Countries (ISAA MSU), told Izvestia that the Turkish lira exchange rate would depend on how risky and unexpected foreign policy would remain. Turkey.
