The lira has lost more than 40 percent of its value against the dollar since the start of the year. Since 2019, he has sacked three central bank governors who opposed his desire for lower interest rates.
It did so despite inflation approaching 20 percent - four times the government s target.Įrdogan believes that high interest rates cause high inflation - the exact opposite of conventional economic thinking - and has stridently maintained he would keep rates low. Meter is denoted as a sequence of x and / symbols, where x represents an unstressed syllable and / represents a stressed syllable. Under pressure from Erdogan, Turkey s officially independent central bank lowered its key interest rate in November for the third time in less than two months. Synonyms and other words related to turmoil: Meet your meter: The 'Restrict to meter' strip above will show you the related words that match a particular kind of metrical foot. ANKARA (AFP) - Turkish President Recep Tayyip Erdogan replaced the country s finance minister on Wednesday after weeks of economic turmoil in which inflation has soared while the lira plummeted to record lows.Īccording to a presidential decree issued near midnight, Erdogan accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.Įlvan had only been in the role since November 2020, when he was appointed after the resignation of Erdogan s son-in-law Berat Albayrak.īut Elvan s year-long tenure has been marked by numerous crises.Įarlier Wednesday, the Turkish Central Bank intervened in markets to prop up the nosediving lira, which has lost nearly 30 percent in value against the dollar in just a month.
0 kommentar(er)
