Video Analysis: Central Bank chief Gaye Erkan under fire! (Is monetary tightening over?)


•Turkish Central Bank raised its policy rate to 45%, signaling monetary tightening is over—for now.

•The rate decision came at a time when governor Gaye Erkan came under severe fire for nepotism.

•The allegations may have some truth to them, but the leaks are likely to be the job of Erdogan’s advisors who wish to go back to low interest rate days.

•While Erdogan defended his central bank chief, she may still be fired after March elections.

•Is Erdogan going back to “interest rates are evil” days? Is Mehmet Simsek’s job in jeopardy, too?

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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.