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Turkiye raises the minimum wage by 34% to combat high inflation

08:00 PM | 20 Jun, 2023
Turkiye raises the minimum wage by 34% to combat high inflation

ANKARA – Turkiye has raised the monthly minimum wage by further 34% starting on July 1 bringing it to a net 11,402 lira ($483) for the second half of the year in an effort to combat skyrocketing inflation, the government said on Tuesday. 

According to Turkish newspaper Daily Sabah, Labour Minister Vedat Isikhan said the minimum wage assessment commission "completed its work with an agreement between the workers and employers."

Ankara increased the minimum wage by 100% throughout the course of the year as a result of the inflation being far above than the stated 5% goal and reaching a 24-year high of 85.5% in October.

May saw a drop in annual inflation to 39.6% because to the government's free supply of natural gas, which offset price increases for other commodities.

An unconventional strategy of cutting interest rates amid growing prices contributed significantly to the cost-of-living issue, which in turn sparked a currency crisis in late 2021. 

Since May's elections, the lira has lost another 21% of its value.

President Tayyip Erdogan, who was re-elected, has indicated he is prepared to pivot to rate increases.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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