<span>Erdogan’s credibility plunges along with lira</span>

Al-Monitor | Nov 24, 2021 at 5:52 PM
  • Turkish President Recep Tayyip Erdogan is facing a sharp decline in confidence in his economic management amid the chaotic economic climate he has created by pushing for lower interest rates despite high inflation and a free falling currency.
  • The growing mistrust is reflected in the consumer confidence index as well as the ongoing rush for hard currency.
  • Erdogan has been adamantly opposed to raising interest rates, which would be the conventional response to prop up the lira, as other countries have done to protect their currencies in the face of a global inflation surge.