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In Potentially Disastrous Move, Erdogan Fires Another Central Bank Governor
On Thursday, CBT Governor Naci Agbal delighted markets with another rate hike.
The 200bps move was twice market expectations and the statement was hawkish indeed. "The tight monetary policy stance will be maintained decisively for an extended period until strong indicators point to a permanent fall in inflation and price stability," CBT pledged, in the statement.
Turkey, it appeared, was committed to stable, predictable monetary policy. (Try not to laugh.)
Read more: Erdogan Allows Another Ra
So, not only has Turkey ditched secularism, to the sad dismay of many. But, now, they are ditching central bankers, to the dismay of many.
Love the tacit comparison between two dictator wannabes.
Turkey and Russia are such ancient, good friends. I’m sure Moscow will end up bailing out the Turks. No one else is going to want to help them. Pity the people, as usual.