A self-proclaimed “enemy” of interest rates, Erdogan has said he is prioritizing export-led growth, although inflation is now above 54%, driven by a weaker lira and a rise in energy costs since Russia’s invasion of Ukraine. That puts Turkey out of step with the world’s largest economy, which raised interest rates by 0.25% on Wednesday, as well as many emerging markets, which are in a rush to change policy direction as nervous investors flee.

This post Turkey extends interest rate pause despite war in Ukraine, Fed tests Lira

was original published at “https://www.bloombergquint.com/global-economics/turkey-extends-rate-pause-although-war-in-ukraine-fed-test-lira”