Erdogan Says Only Traitors or Illiterates Link Rate to Inflation

Source:Bloomberg Date:28May2022

“Those who try to impose on us a link between the benchmark rate and inflation are either illiterates or traitors,” Erdogan said on Friday in Istanbul, addressing a group of businesspeople. “Don’t pay attention to the ramblings of those whose only quality is in viewing the world from London or New York.”

Erdogan has frequently blamed what he used to call an “interest-rate lobby” for driving up the cost of borrowing and engaging in speculative attacks against the currency. Before installing Sahap Kavcioglu as governor of the central bank last year, Erdogan ousted his three predecessors and increasingly sought more say over monetary policy.

The Editor:  I can make only two comments about  this insane diatribe:  Either Erdogna is losing his marbles, or he lives in an echo chamber   where he only hears his voice