Turkish central bank has ‘bowed’ to executive president Erdogan

Following a decision this week by the Turkish Central Bank to leave interest rates unchanged despite the lira collapsing and inflation soaring, bne IntelliNews runs a piece citing economic analysts as saying Erdogan is already using his strengthened position as executive president to influence monetary policy and that the interest rate decision is confirming fears about the central bank’s independence and the future course of economic policies in Turkey. After the decision to leave interest rates unchanged, the lira fell to as low as 4.9384 to the dollar. Experts, meanwhile, are increasingly expressing concern that “Erdoganomics” is going to cause a meltdown in Turkey.

 

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