Turkish President Recep Tayyip Erdogan has espoused keeping interest rates down despite rising inflation, currently at more than 19%.
div > div.group > p:first-child"> One of the country's most immediate needs if it wants to get its house in order is to ensure total independence of its central bank, according to the man who led the bailouts of Greece, Portugal, Iceland and Ukraine during the Great Recession.
"So we welcome the increase we've seen in interest rates in the last six to seven months, but it's important that the Turkish central bank be allowed to be fully independent in its assessment of monetary policy in addition to a number of other challenges on fiscal policy, and more transparency." Turkish President Recep Tayyip Erdogan has espoused keeping interest rates down despite rising inflation, currently at more than 19 percent. Investors fear he will continue to pursue populist monetary policy after his party suffered unprecedented defeat in local elections last month, the results of which he is still contesting.
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