TURKEY-ECONOMY

A customer buys US dollars in exchange for Turkish lira at an exchange office in Ankara on July 20, 2023. Turkey's central bank hiked its main interest rate for the second month in a row, but analysts said the unwinding of President Recep Tayyip Erdogan's unconventional policy was too timid to tame inflation. After years of cuts that aimed to boost growth but fuelled inflation and caused the lira to tumble, the bank doubled its rate last month from 8.5 percent to 15 percent. The latest hike was smaller, at 2.5 percentage points, taking the rate to 17.5 percent. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)
A customer buys US dollars in exchange for Turkish lira at an exchange office in Ankara on July 20, 2023. Turkey's central bank hiked its main interest rate for the second month in a row, but analysts said the unwinding of President Recep Tayyip Erdogan's unconventional policy was too timid to tame inflation. After years of cuts that aimed to boost growth but fuelled inflation and caused the lira to tumble, the bank doubled its rate last month from 8.5 percent to 15 percent. The latest hike was smaller, at 2.5 percentage points, taking the rate to 17.5 percent. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)
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Credit:
ADEM ALTAN / Contributor
Editorial #:
1544254155
Collection:
AFP
Date created:
20 July, 2023
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Rights-managed
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Source:
AFP
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AFP
Object name:
AFP_33PH2HW
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4000 x 2774 px (33.87 x 23.49 cm) - 300 dpi - 4 MB