Erdogan Lets New Central Bank Governor Hike Rates. U-Turn ‘Obviously’ Won’t Last

Erdogan Lets New Central Bank Governor Hike Rates. U-Turn ‘Obviously’ Won’t Last

Warm congratulations to Naci Agbal, who replaced Murat Uysal at the helm of Turkey's central bank earlier this month amid a burgeoning currency crisis. On Thursday, Agbal was permitted to deliver a rate hike inline with market expectations, a move that will help allay fears that Recep Tayyip Erdogan's promise to adopt what he called "bitter pill" policies was little more than lip service to sanity. Prior to Uysal's ouster, the lira was riding an 11-week losing streak, and the market was concer
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