The Turkish government’s attacks on the central bank (CBRT) have become increasingly aggressive over the past month, raising fears about the independence of monetary policy and triggering a sharp sell-off in the lira. In this Watch, we explain how the CBRT’s independence was a pillar of Turkey’s economic success story in the 2000s and why an encroachment of the Bank’s independence could lead to more problems than the government has bargained for.
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