Policy rate 100bp down, USD rate reaches 11 in minutes.
Combined with inflation and the mismatch between types of goods exported and imported, this is really going to hit consumers… aka voters. It’ll be interesting to see what, if any, pressure builds and how Erdogan responds.
11 liras per dollar? Seems like yesterday it was 10… oh wait that was yesterday. Damn…
IMO this is a direct result of Turkey’s continuing autocratisation. Thanks to his own personality cult Erdogan believes he’s an expert in everything. And because of propaganda and a neutered opposition there’s simply not enough public pressure to make him reverse course and follow basic monetary policy rules. Even Trump heeded public criticism more than this.
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Morning’s news.
Policy rate 100bp down, USD rate reaches 11 in minutes.
Combined with inflation and the mismatch between types of goods exported and imported, this is really going to hit consumers… aka voters. It’ll be interesting to see what, if any, pressure builds and how Erdogan responds.
11 liras per dollar? Seems like yesterday it was 10… oh wait that was yesterday. Damn…
IMO this is a direct result of Turkey’s continuing autocratisation. Thanks to his own personality cult Erdogan believes he’s an expert in everything. And because of propaganda and a neutered opposition there’s simply not enough public pressure to make him reverse course and follow basic monetary policy rules. Even Trump heeded public criticism more than this.
Hows this affecting regular turkish people?
Nobody:
Turkish Lira: *To the windooooow… to the wall!…*