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Turkish government to present extra budget as lira dives

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The Turkish government is soon expected to present to parliament an additional budget for next year, two officials said, because a sharp lira selloff has strained the existing budget with pending wage hikes and other new expenditures.

The move comes after the lira lost around half its value against the dollar this year, sharply eroding Turks' earnings, and with the main 2022 budget currently in the final stages of being debated and approved in parliament.

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The officials said the additional budget is expected to take into account a minimum wage hike, and raises in civil servants' salaries and pension payments, as well other measures to support businesses hit by the lira slide and surging inflation.

They said the extra budget would be presented once debate on the main one has been completed in parliament, which is expected this week. The Treasury declined to comment on the issue.

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