Turkey lowers interest rates as inflation hits 80 percent
…and the reason:
In a statement following a monetary policy committee meeting, the bank said it decided to reduce the policy rate from 14% to 13%.
President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic growth, investment and exports, insisting that interest rate hikes cause inflation. That contradicts established economic thinking, with rate increases the traditional tool to target inflation.
https://www.euronews.com/2022/08/18/turkey-lowers-interest-r…
Economics certainly has changed since I studied it!