• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD

After History of Erratic Economic Policy, Erdogan Plunges Turkey Into Fresh Turmoil

by

Turkey’s economy is facing fresh turmoil after the surprise ouster of the central bank governor by President Recep Tayyip Erdogan added another chapter to years of unpredictable economic policy, spooking foreign investors and possibly sowing the seeds of a financial crisis.

Last Friday, Mr. Erdogan replaced Naci Agbal with Sahap Kavcioglu, a former member of parliament for Erdogan’s Justice and Development Party, who publicly sided with the president’s calls for lower interest rates, despite inflation hitting 15.6% annually in February.

Mr. Erdogan, who has fired three central bank chiefs in less than two years, prefers low rates as a part of a strategy to encourage growth.

He opposed policies set by Mr. Agbal, who raised interest rates in an effort to fight inflation and help Turkey pull back from the brink of crisis. Mr. Agbal’s policies encouraged investors to pour billions of dollars back into the country since he was appointed in November.

The dismissal of Mr. Agbal triggered on Monday one of the worst single-day selloffs of Turkish lira-denominated assets, as investors scaled back their exposure to the currency. The lira fell 7.5% against the dollar in one day. Mr. Kavcioglu has sought to reassure markets by saying he would curb inflation but hasn’t said whether interest rates will change.

View Source

Filed Under: WORLD Tagged With: Currency, Economy, Interest Rates, PAID, Policy, Turkey

Primary Sidebar

More to See

What We Know About the Shooting in Highland Park

Chief Covelli said Mr. Crimo planned the shooting for several weeks, but that the authorities had not yet established what his motive was. “We have no … [Read More...] about What We Know About the Shooting in Highland Park

Kevin McKenzie and Martine van Hamel: On the Zen of Escaping City Life

Kevin McKenzie and Martine van Hamel were standing in the dining room of their weekend house in Woodstock, N.Y., trying to figure out when they got … [Read More...] about Kevin McKenzie and Martine van Hamel: On the Zen of Escaping City Life

Ford reports slight uptick in sales that misses analysts’ expectations

Electric Ford F-150 LightningAndrew Evers / CNBCDETROIT – Ford Motor on Tuesday reported a slight increase in second-quarter new vehicle sales that … [Read More...] about Ford reports slight uptick in sales that misses analysts’ expectations

Copyright © 2022 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy