All eyes will be on exchange rates and interest rates this week. Everybody will be asking the same question: “Where will the exchange rates be standing ahead of the elections scheduled for June 24?” However, it would be more correct to say that the biggest challenge the Turkish economy will face in the period ahead is the issue of “rebuilding the necessary confidence in the post-election era.” The volatility in the global economy following the announcement of early polls, messages from authorities that unsettle the markets and the Central Bank’s belated decision to lift the interest rates all caused volatility for the Turkish economy. Populist pledges made by politicians unprecedented over the past decade also added to worries and caused further troubles for the economy. Measures taken Consequently, even though we have not yet seen the full impact, the economy is going through a difficult period and is incurring significant costs. The Central Bank’s delayed decision to lift the interest rates has pushed up the interest rates on deposit and credits which will create serious problems in the period ahead. Despite the sharp hikes in the interest rates and other measures taken, the rise in the exchange rates has not… Read full this story
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