Erdogan appoints former US bank executive as Turkish central bank chief, in sign of policy change

By Associated Press

Jun 10, 2023 12:11 am

Erdogan won a third presidential term in elections last month as the country grapples with a cost-of-living crisis fueled by inflation that peaked at a staggering 85 percent in October.

Critics blame the turmoil on Erdogan's policy of lowering interest rates to promote growth. The approach runs contrary to conventional economic thinking that calls for rate increases to combat inflation.

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