All exported Turkish-made goods will be labeled “Made in Türkiye” from now on, instead of the traditionally used “Made in Turkey.”
“Türkiye” will also be used in correspondence with all foreign entities, including foreign countries’ governments, businesses and organizations.
Turkish dictator Recep Tayyip Erdogan has ordered the change of Turkey’s national brand in an attempt to boost country’s recognition abroad and reaffirm the good faith of Turkish exporters.
The latest change is in line with the efforts of the Erdogan-led government to boost Turkish exports and thus increase the inflow of US dollars into the country’s crumbling economy.
Turkey’s annual inflation spiked above 21% in November, marking a three-year high and further exposing the nation to the risk of the harsh rate cuts that triggered a record slide in the lira.
So far this year, Turkey’s currency has dropped about 46% of its value against the US dollar, including a 30% loss in November alone.
The central bank has decreased the key interest rate from 19% to 15% since September, leaving Turkey’s real yields deep in negative territory. It was the latest slash that triggered the lira’s recent slump.
The economic crisis has led to rallies in Istanbul and other large cities around Turkey and calls for Erdogan’s government to step down.