Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the harm of 20 years of ‘Erdoganomics’
Twenty years of ‘Erdoganomics’, with double-digit inflation – averaging over 15% and peaking at 80% primarily based on Turkstat figures – have undermined not solely the autonomy of the Central Financial institution of the Republic of Turkey (CBRT), but additionally its room for manoeuvre and its affect over financial coverage.
The lira is not the de facto reference forex in Turkey, since greater than 70% of deposits within the Turkish banking system are denominated in US {dollars} or euros or in any other case tied to those currencies.
The
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