The Turkish Lira tumbled on Wednesday as President Erdogan promised to “deal with interest rates” after the June 24 elections.
Erdogan believes that rising interest rates are holding back investment.
Recep Tayyip Erdogan has always been vocal about his preferences for monetary policy, but markets are spooked by any suggestion of infringement of Central Bank independence. The President’s remarks on Wednesday saw the Turkish sovereign bond benchmark yield up by 500 basis points.
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