Source: tradingeconomics.com

Despite these downward pressures on the Turkish lira, the prevailing sentiment among economists is that the central bank’s reticence towards raising interest rates is a prime cause for the pangs experienced by the Turkish lira. Erdogan said in a speech that “interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer.”

Related: Interest Rate Policy After September Hike Uncertain

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