Turkey’s annual inflation rate hastened to 85.51% in October, highest level since 1997 according to the official data released recently. As President Recep Tayyip Erdogan has defended unorthodox policies to combat a cost-of-living crisis.
Central banks worldwide are increasing borrowing costs in efforts to tame soaring consumer rates but Turkey has resist the global trend with Erdogan calling higher interest rates his “biggest enemy”.
Turkey’s central bank cut up its policy rare for the 3rd continuous time, bringing it down to 10.5% from 12%.
