turkish lira

Turkey's President Recep Tayyip Erdogan. Turkey’s crisis starkly demonstrates, even the most deeply held of misbegotten beliefs eventually run up against reality(AP)

Turkey’s crisis can be solved if Erdogan stops with his conspiracy theories

By Nina L Khrushcheva
UPDATED ON AUG 18, 2018 06:44 PM IST
The latest evidence that it is can be found at the heart of Turkey’s current economic crisis. Turkey is saddled with debt and its currency, the lira, is plunging, yet the central bank has been all but prohibited from defending the currency by raising interest rates, because Turkish President Recep Tayyip Erdoğan believes that raising interest rates actually causes inflation.
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