As with every December, the focus this year is once again on the impending decision for the new minimum wage. The Minimum Wage Determination Commission’s initial meeting on December 11 is expected to result in a 50% increase in the minimum wage. With this increase, the gross minimum wage is projected to reach 20,121 Turkish Lira, while the net is anticipated to be 17,104 Turkish Lira.
In Turkey, where wage increases remain inadequate due to the rise in foreign exchange and inflation, the Central Bank’s interest rate decisions have led to a decrease in credit risk premium and an improvement in the outlook of credit rating agencies.
On December 1st, Standard & Poor’s upgraded Turkey’s credit rating to “B” and announced that it has changed the outlook from stable to positive. However, while the dollar and euro are rising, the Turkish Lira continues to depreciate in value.
With the gross minimum wage of 13,414 Turkish Lira in 2023 anticipated to increase to at least 17,104 Turkish Lira in 2024, there is curiosity about how much Bitcoin, Ethereum, Shiba Inu, and XRP can be purchased with the monthly minimum wage. Price data can be examined on the platform 21milyon.com.
Given the growth of the cryptocurrency market and the devaluation of the Turkish Lira, it is expected that less investment in cryptocurrencies will be possible with the minimum wage in 2024. This situation could change if the high cost of living and inflation issues are resolved.