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Business Daily
Turkey adjusts to ‘bitter medicine’ of high rates
Business Daily
Dec 21, 2023

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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Business Daily is the home of in-depth audio journalism devoted to the world of money and work. From small startup stories to big corporate takeovers, global economic shifts to trends in technology, we look at the key figures, ideas and events shaping business.

Each episode is a 17-minute, daily deep dive into a single topic, featuring expert analysis and the people at the heart of the story.

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17min 58sec


Turkey adjusts to ‘bitter medicine’ of high rates

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