Turkey's Erdogan adjusts to life after Trump
The autocrat had a rapport with the US President but now he must rebalance, even as a tanking economy drags him down. Ousting his son-in-law was just the first step.
Being a central bank boss is never an easy job, but it’s particularly difficult in Turkey. Governors used to get five-year terms, but as of last weekend Turkish President Recep Tayyip Erdogan is now on his third central bank chief in four years.
His frustration with his central bankers? They don’t share his unorthodox views on economics. In Erdogan’s world, the correct response to persistent double-digit inflation is not to raise interest rates, but to cut them.
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