Double Trouble

by Doug Noland
Credit Bubble Bulletin

March 1 – Daily Sabah: “Turkey’s economy grew a less-than-expected but still robust 5.9% in the fourth quarter of 2020 and 1.8% in the year as a whole…, emerging as one of only a few globally to skirt a contraction amid the coronavirus pandemic… The Central Bank of the Republic of Turkey (CBRT), which has repeatedly said it would target inflation more strongly under new Governor Naci Agbal, has raised its policy rate by 675 bps to 17% since November to cool inflation… Inflation is expected to have risen to more than 15% last month… Ensuring price stability is Turkey’s main priority in 2021, Minister Elvan said. ‘Our policies fighting inflation will pave the way for more qualified and sustainable investment, production and growth,’ he stated.”

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