> You don't adjust rates just because you want them to be lower, there's second order effects. You can… in Turkey (Türkiye); from 2021: > Erdogan is openly av

> You don't adjust rates just because you want them to be lower, there's second order effects. You can… in Turkey (Türkiye); from 2021: > Erdogan is openly averse to high interest rates, claiming high rates cause inflation, which stands in opposition to mainstream economic theory. > He has pressured the central bank to keep rates low to fuel borrowing and growth. Critics say the independence of the central bank has been severely damaged through political pressure. > Erdogan’s decree on Saturday appoints Sahap Kavcioglu as the new central bank head. Kavcioglu is a banking professor and a columnist in a pro-government newspaper where he has argued for low interest rates. * https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sacks-central-bank-governor-after-rate-hike https://www.aljazeera.com/news/2021/3/20/turkeys-erdogan-sac... More recently in 2024: > The first woman to lead the bank, Erkan began raising interest rates when she was appointed in June last year, launching a 180-degree pivot away from years of low rates under Erdogan that had sent inflation soaring and foreign investors fleeing. * https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fatih-karahan-as-new-central-bank-chief-after-erkan-resigns https://www.aljazeera.com/news/2024/2/3/turkey-appoints-fati... In 2024 a court ruled that the President could not just fire central bank heads: * https://www.brecorder.com/news/40306881/turkey-court-loosens-erdogans-grip-on-central-bank https://www.brecorder.com/news/40306881/turkey-court-loosens...