Recep Tayyip Erdogan isn’t going anywhere.

Turkey’s long-serving strongman secured another presidential term on Sunday, when he easily beat economist and civil servant Kemal Kilicdaroglu in a second round of voting.

Kilicdaroglu forced the runoff with a respectable showing on May 14, but the third-place finisher that day, nationalist Sinan Ogan, ultimately threw his support to Erdogan ahead of Sunday’s rerun. Erdogan’s margin in the runoff was around four points. Ogan garnered 5% of the vote in the first round.

If you missed it, I published a lengthy election primer earlier this month. I see little utility in recapitulating. If it’s context you seek, you’re encouraged to read “Turkey Tests Its Strongman.”

The bottom line is that Erdogan’s reign will continue, and therefore Turkey will persist in a highly unorthodox approach to monetary policy predicated on the idea that lower rates are the cure for inflation.

I’d remind readers that it doesn’t so much matter whether Erdogan actually believes that. He’s pot committed to his own conspiratorial narrative at this point. That narrative says a nebulous “interest rate lobby” is working in tandem with nefarious foreign interests to undermine Turkey’s economy. That sounds ominous, but it’s fine because Erdogan knows just the man to protect Turkey. (It’s him.)

I assume some will question the validity of Sunday’s results, but as ever, that’ll be fruitless. Erdogan controls the levers of government and he has (more than) enough legitimate support to plausibly claim victory. This isn’t Belarus and Alexander Lukashenko. Erdogan actually is popular. Turkey’s elections aren’t fair, but they are mostly free. You can claim he lost, but it wouldn’t be by much and it’d be impossible to prove. Even if you could prove it, there’s nothing you could do. He survived one coup. He’d probably survive another one.

Kilicdaroglu effectively acknowledged all of that on Sunday. The election wasn’t fair, he said, but he didn’t contest the results.

Economists insist Erdogan will “have to” let the central bank raise rates. Economists never learn. Erdogan is an autocrat. He doesn’t “have” to do anything, and besides, it’s far from clear that governor Sahap Kavcioglu, a sycophant, even wants to raise rates. It’s possible that with the election won, Erdogan will let Kavcioglu nod in the general direction of tighter policy, but there’s not going to be a wholesale rethink.

Similarly, political scientists’ claims about a groundswell of popular discontent bubbling beneath the surface are undermined by the fact that Erdogan just won reelection. Even if you assume the official tally isn’t the real tally, he probably still won and in any case commanded roughly half the votes cast. So, it’s not as if the entire country is ready to throw him out.

“The winner today is Turkey only. No one can wag their finger at Turkey,” Erdogan declared, addressing supporters from the top of a bus in Istanbul. “We will be together until the grave.”