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Opinion

Turkey's monetary experiment holds lessons for Asia's central banks

Blindly following the Federal Reserve's rate moves brings risks to region

| Turkey
Turkish President Tayyip Erdogan, right, and Central Bank Gov. Sahap Kavcioglu in Ankara on June 8: Kavcioglu has embraced Erdogan's ideas.   © Reuters

Karan Mehrishi is the author of "The India Collective: What India is Really All About" and the forthcoming "The Making of Monetary Policy in India: Imagining the Future."

The Turkish central bank has baffled traditional economists over the past year with its unconventional approach to monetary policy in the wake of capital outflows, currency depreciation and raging global inflation.

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