Lira Inflation, Turkish Economy Minister Meets Shiba Inu Community (SHIB)

Illustration. (Photo: Pixabay)

JAKARTA – The Turkish Ministry of Economy is reportedly meeting with the Shiba Inu community to discuss the SHIB ecosystem. The Shiba Inu community, also known as ShibArmy, stated that the two sides held the meeting at the Grand National Assembly of Turkey.

One of the reasons for the growing interest in Shiba Inu (SHIB) is the popularity of meme coins among Turkish citizens. Trading activity in SHIB and Tether (USDT) is five times higher than trading in Bitcoin, as the national currency Turkish lira continues to lose value due to historical inflation.

FANTASTIC NEWS. Global adoption continues to grow! #Shibarmy Thank you .@mustafaelitas for meeting with @shibaturkish !!! https://t.co/hslz83DAYY

— Shytoshi Kusama™ (@ShytoshiKusama) March 9, 2022

The Turkish lira fell into free fall last year after President Recep Tayyip Erdogan made the decision to cut interest rates in the hope of lowering already ongoing inflation.

His decision went against what most monetary policy experts recommend and had a dramatic effect on the national currency. The Turkish lira lost 44% of its value in 2021. This was followed by a rise in the prices of everyday products and services to a record high.

A few days ago the lira fell even deeper and hit its lowest point since December. Experts say the growth perspective is unclear in the face of Russia's war in Ukraine and its devastating effects on the global economy, as summarized by DailyCoin.