Inflation-ravaged Turkey refuses to raise interest rates ...Kuwait

The New Arab - News
Inflation-ravaged Turkey refuses to raise interest rates
Turkey's central bank on Thursday bucked global trends once again and kept its benchmark interest rate stable despite one of the highest levels of consumer price increases in the world. The decision at a monthly policy meeting came two weeks after President Recep Tayyip Erdogan - a lifelong opponent of high interest rates - denied that Turkey had an "inflation problem". Turkey's official annual rate of consumer price increases has edged above 70 percent. But independent estimates by Turkish economists suggested the real figure could be substantially higher. The inflationary spiral has decimated Turks' living standards and helped push Erdogan's public approval ratings

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