In Turkey, Inflation sits around 21% and is forecast to rise to around 30% in 2022. Regardless, Erdogan has continued to defend his rate-cut policy in a highly inflationary environment, and on Sunday he said “We’re lowering interest rates. Don’t expect anything else from me”. This resulted in the lira initially falling to a new record low yesterday. However, once Erdogan said the government will implement a new programme to protect deposits from exchange rate movements (without providing ay details as to how) the lira posted its largest single-day gain since it free-floated in 2001. USD/TRY fell around -17.4% on a ... (full story)