Erdoğan Tilts at Windmills as Lira’s Decline Continues
The central bank took steps to halt the slide of the currency—but stayed mum about raising interest rates.
Turkey’s central bank moved on Monday to shore up the declining lira, as the trouble with the country’s currency threatened to spread to the broader economy—and the global financial system. But it took no steps to address the issue of interest rates, which economists say must be raised to deal with the crisis.
The central bank it was lowering the amount of funds maintained by commercial banks, and added that it will “provide all the liquidity the banks need.” The lira, which had
