Turkey's central bank hikes interest rate to 30%
Turkey's central bank hikes interest rate to 30%
The move is a 500 basis point jump from the month prior, as Ankara continues to battle double-digit inflation.
Of course. All that talk about how "Islam is against raising interest rates" goes out the window once the elections are over.
It's just a shame it took this long, we could have used actual economic action a few years back.
I mean there's no way he wouldn't have found a way around the elections if they went against him, the guy is a dictator at this point.
But true, it was obvious this would happen.
Well, an argument can be made that his party did give up Istanbul and Ankara in the previous round of local elections (albeit with quite a fight), so it serves to reason that they're not entirely opposed to the democratic process (most of their money is hidden in off-shore tax havens and not Turkey, so they can always bail if the political scene turns hostile towards them).
The issue is that, no matter how you see the current political climate, the dude won the recent elections fair and square (as far as we know).
The people voted for this, so let them enjoy it. To me it's like Brexit, except I'm living here and watching it happen to me as well.
But by Erdogan's logic, this will do nothing but spur inflation.