Mark Puddleglum on Nostr: "The move by the central bank is the latest sign of how Turkish President Recep ...
"The move by the central bank is the latest sign of how Turkish President Recep Tayyip Erdoğan, who once called high interest rates the “mother and father of all evil”, has undertaken an abrupt shift towards more conventional economic policies following his re-election in May.
The central bank, helmed by former Goldman Sachs banker Hafize Gaye Erkan, said inflation could rise above 70 per cent by summer, but would then cool rapidly to 36 per cent by year-end."
The Turkish Lira is down 50x to Bitcoin since the covid pandemic began.
It's a good lesson to take politics out of money policy, at the expense of many lives in turkey. Sadly, many such examples.
The central bank, helmed by former Goldman Sachs banker Hafize Gaye Erkan, said inflation could rise above 70 per cent by summer, but would then cool rapidly to 36 per cent by year-end."
The Turkish Lira is down 50x to Bitcoin since the covid pandemic began.
It's a good lesson to take politics out of money policy, at the expense of many lives in turkey. Sadly, many such examples.
quoting note1983…tqyqTurkey raises rates to 45% but signals end to monetary tightening
Policymakers signal rising borrowing costs are over as country’s prolonged inflation crisis is expected to start easing this year #press
https://www.ft.com/content/01d18b02-1f4a-4242-9387-4ab8a1b937a2?utm_source=press.coop