In both Donald Trump’s America and Recep Tayyip Erdoğan’s Turkey, the message from markets this year is clear: political instability is feeding economic fragility. We should consider ourselves warned: when institutions weaken, inflation is never far behind.
ISTANBUL – Turkey’s financial markets are still reeling from the arrest of Istanbul Mayor Ekrem İmamoğlu and key members of his team on March 19, and the subsequent arrests in the weeks after. Within 24 hours of March 19, the Central Bank of the Republic of Turkey (CBRT) had to raise the upper bound of its policy rate by 200 basis points, only to hike it together with the policy rate by another 350 bps within the next month.
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