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Erdogan wants greater economic control in Turkey after election, lira slides Erdogan wants greater economic control in Turkey after election, lira slides
(35 minutes later)
Turkey’s lira slid to a record low and bond yields briefly touched their highest in at least eight years on Tuesday, after President Recep Tayyip Erdogan said he plans to take greater control of the economy after elections next month. His comments, in an interview with Bloomberg Television in London, reinforced concerns about the president’s drive to shape monetary policy and blunt the central bank’s ability to rein in double-digit inflation, Reuters reports. Erdogan said the central bank was independent but would not be able to ignore signals from the head of the executive once the switch to a presidential system was complete following the June vote. Turkey’s lira slid to a record low and bond yields briefly touched their highest in at least eight years on Tuesday, after President Recep Tayyip Erdogan said he plans to take greater control of the economy after next month’s election. His comments, in an interview with Bloomberg Television in London, reinforced concerns about the president’s drive to shape monetary policy and blunt the central bank’s ability to rein in double-digit inflation, Reuters reports. Erdogan said the central bank was independent but would not be able to ignore signals from the head of the executive once the switch to a presidential system was complete following the June vote.