Inflation is soaring in Turkey, and the economy is being hit by economic sanctions. Its currency is tanking. Poor people are suffering the most.
Iran is planning to remove four zeroes from its national currency, the rial, as the country struggles with soaring inflation. The oil-rich nation's economy has been hit hard by unilateral sanctions imposed by the US.
No reason was given for Murat Cetinkaya's sacking, but the governor had been loath to cut the interest rate from 24%. Over the past year, Turkey has faced skyrocketing inflation as a result of a debt and currency crisis.
Facing the harsh realities of global markets, Buenos Aires and Ankara have taken different paths to drive their domestic agendas. But, as global contagion fears recede, will Turkey follow Argentina and take its medicine?
Turkey's lira has fallen to a record low as US sanctions and the effects of an overly politicized monetary policy kick in. President Erdogan's virtual economics may be about to hit a wall of hard truths.
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