...the decaying remnant of the Ottoman Empire...
's central bank on Thursday hiked its main interest rate to 17 percent in what economists greeted as a sign that the financially troubled country was embracing monetary orthodoxy once again.
The decision means that Turkey's policy rate has shot up by 6.75 percentage points in just a month -- a stark contrast to many countries' decisions to bring borrowing costs down to help revive economies badly hit by the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
pandemic.
The sharp move higher follows two years in which it was held steady or lowered due to President His Enormity, Sultan Recep Tayyip Erdogan the First
...Turkey's version of Mohammed Morsi but they voted him back in so they deserve him. It's a sin, a shame, and a felony to insult the president of Turkey. In Anatolia did Recep Bey a stately Presidential Palace decree, that has 1100 rooms. That's 968 more than in the White House, 400 more than in Versailles, and 325 more than Buckingham Palace, so you know who's really more important...'s unconventional belief that higher rates cause inflation.
That policy saw the
The accompanying rise in the annual inflation rate to above 10 percent forced Erdogan to reshuffle his economic team and appoint market-friendly former finance minister Naci Agbal as central bank chief last month.
The lira managed to claw back about 10 percent against the dollar after the change on market expectations that traditional monetary policy was returning to Turkey.