Erdogan adviser says central bank independence ‘fundamental’

The Turkish central bank’s independence is “fundamental” and it will act according to market needs and realities, President Tayyip Erdogan’s chief economic adviser Cemil Ertem said on Monday, a day after presidential elections.     Presidential Adviser Cemil Ertem poses after an interview with Reuters in Ankara, Turkey, January 9, 2018. Picture taken January 9,…

Dearer lira: Turkey’s central bank

Monetary policy should steer clear of politics, and vice versa, wonks insist. Just how little this applies to Turkey, especially with elections on the horizon, will be clear today when the country’s rate-setters meet. Amid fears the economy has run out of steam, President Recep Tayyip Erdogan recently called snap elections for June 24th. The…

Turkey’s central bank raised the highest of the four interest rates it uses to set policy

Turkey’s central bank raised the highest of the four interest rates it uses to set policy by a less-than-expected 50 basis points on Thursday, making its first rate hike in eight months after inflation hit a 14-year peak last month. The bank lifted its late liquidity window to 12.75 percent from 12.25 percent while leaving…