Turkey – Hard landing on the horizon

Turkey - Hard landing on the horizon

Turkey’s currency crisis became full-fledged in August amid an ongoing withdrawal of global liquidity stemming from continued monetary tightening in the U.S. as well as lasting economic policy mistakes. In particular, the Central Bank of the Republic of Turkey (CBRT) did not raise interest rates in late July despite surging inflation, which called its independence again into doubt; and a political feud with the U.S. culminated in the latter imposing sanctions on Turkey.

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