Turkey's inflation soars after Erdogan's rate-cut policy; lira slides

Turkey's inflation reached 85% and the lira depreciated from 8 to 18 per dollar following President Erdogan's 2021 order to cut interest rates, a policy reversal from conventional central banking. The data confirms the economic fallout of unorthodox monetary policy, though the current status of policy under new leadership remains uncertain. This underscores persistent inflation and currency risk in Turkey, relevant for emerging-market investors.

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