With the Turkish lira at a record low against the dollar and growth stalling, President Erdogan is employing some unusual measures to keep Turkey’s fragile economy afloat. The Financial Times reports:
Last week, after intense pressure for lower interest rates from Mr Erdogan, the central bank cut overnight rates by a bigger than expected 50 basis points to 10.75 per cent. But dissatisfied by the size of the cut, in the last week the Turkish leader suggested that Erdem Basci, central bank governor, was under foreign influence, has equated high interest rates with “selling out the homeland” and told the bank …read more
Source: The American Interest
