Here is a career tip for newly hired Turkish central bank governors: whatever happens, do not raise interest rates. Naci Agbal ignored that pointer. He was dismissed by President Recep Tayyip Erdogan at the weekend.
Agbal tried to tame mid-teens percentage inflation with successive interest rate increases. He raised the policy rate by nearly nine percentage points to 19% since November. Turkish gyrations in borrowing costs reflect local conditions rather than a looming problem for all emerging markets...
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