Turkey’s central bank on Thursday hiked its key interest rate by another 250 basis points to 45%.
The hike to the benchmark one-week repo rate was in line with economists’ expectations.
It comes amid an ongoing battle against double-digit inflation for Turkey’s monetary policymakers, with the rate hike the latest step in that effort.
Inflation in Turkey increased to 64.8% year-on-year in December, up from 62% in November, and the country’s currency, the lira, hit a new record low against the U.S. dollar earlier in January, breaking 30 to the greenback for the first time.
Analysts predict this will be the last hike for some time, especially with local elections approaching in March.
Yikes, apparently I missed that things got this bad. wtf happened?
Erdoğan happened.
Fascists crash economies. Despite what the Marxists will tell you, fascism is terrible for capitalism. The only way fascists are ever able to show a profit is by stealing the gold out of people’s teeth.
Do Marxists say that fascism is good for the economy? Fascism is what happens when capitalism runs out of steam. It’s like the death throes of capitalism. The ruling class trying to maintain power over a population disenchanted by the realities of capitalism.
Yeah I agree with you.