Turkey's President Says Yes to Putin's Plan to Form a Natural Gas Hub in Turkey After Turkish Lira Down 50% YOY

Per Reuters and BBC

Turkey's President Tayyip Erdogan says he agreed to Vladimir Putin's plans of forming a natural gas hub in Turkey. Putin said that Europe is free to obtain its gas supply from the upcoming Turkey gas hub, said Turkey's President.

This comes at a time when the Turkish Lira has fallen 50% year-over-year. The Inflation Research Group estimates Turkey's actual annual rate is 186.27%.

Turkey's transportation saw a 177.66% increase in annual prices. Food and non-alcoholic beverages also increased at 93%.