ISTANBUL: Turkish President Recep Tayyip Erdogan (pix) on Wednesday confirmed a major policy reversal by backing his new economic team’s decision to drastically hike interest rates to fight runaway inflation.Erdogan has been a lifelong opponent of high borrowing costs and pushed past central bank governors to fight inflation with lower interest rates.Conventional economics says high interest rates help bring down prices by tamping down demand and raising the cost of doing business.Analysts believe that Erdogan’s past policies helped spark a currency crisis that saw annual inflation hit 85 percent last year.But he appointed a handful of Wall Street-trained veterans to steer the economy after
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