Turkey’s central bank said the banking sector is strong enough to withstand the currency crisis, taking some pressure off Erdogan
ISTANBUL—Turkey’s central bank said Friday the country’s banking sector remained strong and had enough reserves to withstand, taking some pressure off President Recep Tayyip Erdogan to change course on his economic policies.
The announcement indicates Turkey’s banks are unlikely to push the government to reverse policies, including interest-rate cuts, that sparked the crisis in the first place, economists said. Mr. Erdogan has pressured the central bank into cutting interest rates despite surging inflation that reached nearly 20% in October. As a result, the local currency has shed nearly 40% of its value this year, wiping out much of the public’s savings and driving discontent with the government.
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