Erdogan plans to tighten his grip on Turkey’s economy

Bloomberg/Guy Johnson and James Hertling/5-14-2018

“With the Turkish lira at a record low against the dollar and down this year against all 17 major currencies tracked by Bloomberg, Erdogan told Bloomberg TV in London on Monday that after the vote transforms Turkey into a full presidential system, he expects the central bank will have to heed his calls for lower interest rates. The central bank’s key rate is now 13.5 percent, compared with 10.9 percent consumer-price inflation.”

MK note:  Such intentions are likely to send the Turkish lira into another tailspin. “When the people fall into difficulties because of monetary policies. They’ll hold the president accountable,” Erdogan told Bloomberg.  The Trump administration might be taking notes . . . .

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