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Lira getting hammered 🔨
Imagine you wake up one morning and find out that you will have to pay the 40 percent extra amount to buy the same things/resources that you were able to buy yesterday. Wouldn't you be shocked!! This is what currently happening in Turkey.
The Turkish lira (currency of Turkey and Northern Cyprus) has shed nearly half of its value this year and the inflation is spiraling skyward in the country. It has lost about 40% of its value in 2021. 1 dollar was 7.37 lira (₹11.95) back in 2020 and currently, it is 16.72 lira (₹4.63).
The reason behind this!!
Turkey is heavily indebted- which means that they borrowed a lot of money to finance their economics usually in the form of a dollar or euro-denominated debt. In addition to this, the country's president Recep Tayyip Erdogan is increasing his unorthodox ideas about interest rate policy. He is focussing on cutting interest rates in the face of inflation, triggering the currency crisis. There is also a high geopolitical tension between the United States and the Turkish administration holding the trades between the countries.
Talking about the solution, the sigma rule of macroeconomics says that when an economy is firing up or there is high inflation in the country, the central banks must raise the interest rates to take the heat of the economy. Other solutions include buying country-grown products (Atma-Nirbhar Turkey) and pitching for heavy foreign investment in the country.
But to our surprise, nothing is happening here in this direction. Inflation in Turkey is nearly 20% and Interest rates are about 16-17%. The central bank governors are getting fired like banter.
The actual problem is that most of the people in Turkey work in Lira, and it's becoming very difficult for them to sustain, facing such a high loss (10% cut per day).
Wanna be an Entrepreneur, be a Memer 💎
85% of the content shared today on social media contains memes
By advertising online, you are not attracting the customers towards yourself, you are pushing them away because customers today are fed up with ads/promotions. Until your ads contain some jingles, some wittiness it's just adding up the screen time of your customers with very minimal output. To increase the comprehension of the marketing, memes are used. Memes can make anything popular- a cat, an egg, a movie, a JCB, etc. Companies are using memes, GIFs to show their brand personality, products, in advertising, in email marketings, etc. The landscape of conversations that are happening through memes is so huge that a person only needs to follow a couple of meme pages/meme influencers to stay updated on what’s happening around the world. Marketing through memes is also a good idea, as you are already taking something which strongly resonates with people, and you are just building on that.
A consumer brand spends on average from between ₹1000 to ₹50000 on a meme.
Rubric Rec.
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Team Rubric!!