Published On: Fri, Sep 14th, 2018

Turkey’s Erdogan says political reasons lie behind lira’s decline

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Comments by Turkish president Erdogan

  • Sudden rise in USD/TRY above 7.00 was an “economic assassination attempt”
  • Says that Turkey has stopped this economic attack at some point
  • Real impact of the attack is seen on inflation and rates
  • Says that inflation emerges with the “flow of interest rates”
  • Inflation was never in-line with central bank targets for the past 15 years
  • Central bank has made a very high interest rate increase
  • “We’ll see the results of this independence”
  • Says that his patience is only up to a point when it comes to central bank, rates


And the lira is paring earlier gains against the greenback on the back of his comments here. Doesn’t look like he’s too happy about the CBRT’s decision yesterday and his comments here is a bit of a warning shot on further rate increases it would seem – especially the one on  “patience only being up to a point”.

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