Turkey’s president took advantage of a trip to London in May to respond to investor concerns about his country’s collapsing currency by promising to wrest control of monetary policy from the central bank.
While deplorable, this is hardly surprising. Recep Tayyip Erdogan has repeatedly demonstrated his determination to get his hands on every lever of power in Turkey. It was never likely that the central bank would escape unscathed, particularly given Erdogan’s apparently unshakable belief that raising interest rates boosts inflation.
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