In Turkey, a dramatic crisis has been brewing for months with the unbridled inflation rate reaching 36% in December while the Lira lost 45% of its value against the dollar. The economy is mostly dependent on foreign powers for energy and financial products but global prices of oil and gas have recently peaked and Turkey is also the target of American sanctions.
In order to keep the economy afloat, Recep Tayyip Erdogan has always insisted on maintaining low-interest rates to encourage credit through public banks. This strategy worked for a while, especially during the first stage of the pandemic,...