Turkey’s economic journey: Inflation, lira depreciation, and a shift in strategy – Central Bank WithdrawalEnd of navigation contentSkip to main content
Marcello Minenna delves into the damage caused by 20 years of ‘Erdoganomics’
Two decades of “Erdogannomics”, with double-digit inflation averaging more than 15 percent and peaking at 80 percent, according to Turkish Statistical Institute figures, have not only eroded the independence of the Central Bank of the Republic of Turkey (CBRT), but also its room for maneuver and influence over economic policy.
The lira is no longer Turkey’s de facto reference currency, as more than 70% of deposits in the country’s banking system are denominated in US dollars or euros or tied to these currencies.
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