News 

Turkey’s currency is tanking and President Erdogan is keeping it down

“A policy of prioritizing growth over inflation control, led by Turkey’s powerful President Recep Erdogan, has unnerved emerging market investors for some time now” writes Natasha Turak for cnbc.com. Erdogan has called the recent currency sell-off an economic attack by Turkey’s enemies, describing it as “games being played on our economy.”. Turkey’s lira has hit record lows for the past week, thanks to what analysts say is the Turkish government’s unwillingness to balance monetary policy to counter double-digit inflation.The president, who has called himself an “enemy of interest rates,” has effectively prevented any recent central bank tightening, despite inflation sitting at a lofty 10.23 percent.
 
Source: cnbc.com



Share This:

Related posts