Turkey: Erdogan tries to shift blame for effects of his idiotic monetary policies to “foreign financial tools”

Source: CNBC

“Turkish President Recep Tayyip Erdogan has pledged to bring down his country’s soaring inflation, which hit 36% in December, as the country’s central bank gears up for another rate-setting meeting next week. Speaking in Parliament on Wednesday, Erdogan said he was protecting the country’s economy from attacks by ‘foreign financial tools that can disrupt the financial system,’ according to a translation by Reuters. ‘The swelling inflation is not in line with the realities of our country,’ the president added, vowing that recently announced government measures to support the severely weakened lira would soon tame ‘unjust’ price hikes. … Turkey’s lira lost 44% of its value in 2021, due in large part to a refusal by the president — who essentially controls the levers of the Turkish central bank — to raise interest rates to rein in inflation.” (01/14/22)