Turkey's Monetary Policy Is a Baby Step in the Right Direction

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Interest rates are now 15%, but inflation is right, almost 40%. Adam Sampson says foreign investors see this as an important first step. But it's not a guarantee that President Recep Tayyip Erdogan will allow this kind of monetary policy to continue.

Wagner troops withdrew from Russia late Saturday night after an abandoned coup attempt on Moscow, Greek prime minister Kyriako Mitsotakis won re-election in a blowout, and foreign investors viewed Turkey’s first interest rate rise in years as a ‘baby step’ towards ending the country’s economic crisis.

Mentioned in this podcast:

Kyriakos Mitsotakis set for return to power in Greek elections

Wagner troops withdraw as Russian uprising leaves Putin weakened

Investor scepticism remains after Turkey’s ‘baby step’ towards ending crisis

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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