The Turkish central bank, which had defied conventional economic theory by cutting interest rates to deal with rising prices, has reversed course and raised rates. It is a welcome step toward economic stability.
The Nikkei View
Turkey must keep working to restore market trust
Rate hike is first step to normalization of economic policies
Turkish President Recep Tayyip Erdogan speaks to supporters on May 27. He had advocated lowering interest rates to combat inflation, but recently changed his tune.
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