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Business Daily: Turkey adjusts to ‘bitter medicine’ of high rates

Bulletins

Living with Turkey's high interest rates

21/12/2023 GMT

Turkey adjusts to ‘bitter medicine’ of high rates

BBC World Service - Business Daily, Turkey adjusts to ‘bitter medicine’ of high rates

We look at the impact of the economic policy aimed at cooling rising prices

We look at the impact of the government's economic plan, aimed at cooling rising prices. Will President Erdogan’s patience run out as households pause their spending?

President Recep Tayyip Erdogan heard Turkish voters back in May when they said they wanted change in the economy. 

So, he appointed a new finance minister and central bank governor to lead the charge. 

Despite the president’s strong opposition to using higher interest rates to cool rising prices, he’s allowed rates to rise in each of the last six months. 

While that’s helped bring about an economic turnaround, it’s put added pressure on households who have for years been reliant on low borrowing costs. 

Will the president’s patience with economic orthodoxy last, or are these early policy changes a sign of long-lasting change?

Presenter Victoria Craig
Produced by Victoria Craig and Ceren Iskit

(Image: Eren and Ümit Karaduman and their children. Credit: Victoria Craig)

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