A currency exchange worker counts lira banknotes in Istanbul, Turkey, on Aug. 6, 2020.
(Photo by YASIN AKGUL/AFP via Getty Images)
The economic growth Turkey’s seen this year is unlikely to be sustainable in the long term, as President Recep Tayyip Erdogan pushes to cut interest rates in ways that further destabilize the country’s already fragile currency and financial situation. Erdogan has been clear in recent statements that he wants to begin easing Turkey’s high-interest rates despite ongoing high inflation in the country, which doesn’t bode well to begin an easing cycle. Currency, balance of payments and debt crises are not imminent, but capital flight and tighter financial market conditions will accelerate trends in that direction. ...
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