Indonesia Central Bank Raises Rates Amid Turkey Crisis 1

Indonesia resides more than 5,000 miles from Turkey, and there are only a few financial and trade links between the two countries, but it appears the Turkey contagion spans across the globe regardless of distance and economic correlations.

“I cannot say that we are insulated, because we are an emerging market that runs a current-account deficit and that alone makes us more vulnerable,” said Enrico Tanuwidaja, an economist at UOB Indonesia.

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