- Oct 4, 2016
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Turkey has taken a nosedive in recent years. 5 years ago, it was heralded as a great emerging economy. Now it has 80% official annual inflation and experts say the real rate is double that. Besides that, it also is featuring a brain drain, as the young and educated are leaving it for greener pastures.
It seems like it is having much the same problem as Sri Lanka and Pakistan with deficit spending from a trade disparity, but there is the added problem of religion and Islam wanting low interest rates due to the faith's prohibition of making money off of lending money.
www.cnbc.com
www.reuters.com
It seems like it is having much the same problem as Sri Lanka and Pakistan with deficit spending from a trade disparity, but there is the added problem of religion and Islam wanting low interest rates due to the faith's prohibition of making money off of lending money.
Turkey cuts interest rates again as country struggles under 80% inflation
Turkey's central bank surprised markets once again with its decision Thursday to cut its key interest rate, despite inflation in the country surging beyond 80%.
Turkey's inflation hits new 24-year high beyond 80%
Turkey's annual inflation climbed to a fresh 24-year high of 80.21% in August, a bit below expectations according to data on Monday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis.
www.reuters.com
