Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the damage of 20 years of ‘Erdoganomics’
Twenty years of ‘Erdoganomics’, with double-digit inflation – averaging over 15% and peaking at 80% based on Turkstat figures – have undermined not only the autonomy of the Central Bank of the Republic of Turkey (CBRT), but also its room for manoeuvre and its influence over economic policy.
The lira is no longer the de facto reference currency in Turkey, since more than 70% of deposits in the Turkish banking system are denominated in US dollars or euros or otherwise tied to these currencies.
The
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