ISTANBUL - Turkey’s central bank on Thursday reversed years of unconventional economics promoted by President Recep Tayyip Erdogan and nearly doubled its key interest rate to fight inflation and steady the troubled lira.
“Not enough. They needed to front load hike,” BlueBay Asset Management economist Timothy Ash remarked. Turkish President Recep Tayyip Erdogan addresses supporters gathered outside his residence, following his election win in May. PHOTO: AFP Mr Simsek said on Thursday that a return to a “free exchange regime... will provide a very serious flow capital to Turkey”.
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