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Heather Kerrigan

In: Historic Documents of 2018

Chapter : Turkish Central Bank on Adjustments to Alleviate Financial Crisis : July 31, August 13, and September 13, 2018

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Turkish Central Bank on Adjustments to Alleviate Financial Crisis : July 31, August 13, and September 13, 2018
Turkish Central Bank on Adjustments to Alleviate Financial Crisis
Heather Kerrigan

In 2018, the Turkish Central Bank undertook a number of measures to alleviate a financial downturn. The economic situation was brought on by a culmination of factors including poor financial management exacerbated by sanctions and tariffs levied by the United States as well as decreasing investor confidence in emerging markets including Turkey. Despite urgings by Turkish President Recep Tayyip Erdoğan against doing so, the Central Bank was forced to raise its key interest rate to prevent further inflation and devaluation of the lira. By the end of the year, Turkey was still teetering ...

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