Little stands in the way of Turkey's currency collapse expanding into a deeper economic crisis after President Tayyip Erdogan ignored appeals, even from within his government, to reverse policy, according to top officials and analysts.
But unlike during 2018's currency crisis - when the central bank jacked up rates, albeit late, to stem the bleeding - there is little prospect of a quick intervention this time.
Goldman Sachs analyst Murat Unur said the risk of dollarisation remains "very high" given the rush to purchase hard currencies, which already account for more than half of Turks' deposits. Economists say inflation could blow through 30% unless steps are taken to reverse the currency depreciation, which raises import prices.
Koc University-TUSIAD Economic Research Forum director Selva Demiralp said continued easing will only cancel out any benefits from higher demand.
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