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Turkey’s Erdogan Holds Firm on Interest Rates. Inflation Is Rising and the Lira Is Plunging.

·3 min read
Turkey’s Erdogan Holds Firm on Interest Rates. Inflation Is Rising and the Lira Is Plunging.

Turkey’s lira is down 25% against the dollar over the past three weeks. Inflation is at 20% annually. But no new interest rate hike is coming to the rescue.