> What are they doing that’s so different from everyone else? Erdogan thinks that high interest rates causes higher inflation, while it is generally agreed tha

> What are they doing that’s so different from everyone else? Erdogan thinks that high interest rates causes higher inflation, while it is generally agreed that it's the other way around, so every time that he speaks in public and says that the rates will fall (the Central Bank is nominally independent, but in practice will do what he wants) or the CB follow on his promise, the markets react accordingly. The last crash was one of such cases. I think the official rates are about 15%, with an official inflation of 19% (in practice it's at least double, so much that when the government announced new prices for a number of taxes and fines, they were increased by more that 35%), and a Lira that lost half of its value in a years, who is going to buy Turkish currency ?