Turkey's Currency Crisis

At the moment, it's a currency crisis, but this is not the end of it. The main issue is the paralyze mintary policy structure in the sense that central bank has lost its independence. When you're staring at an inflation rate of 20 %, the direction of interest rates is not down. It has to be up. And since september, we had 400 basis point reduction, which has been the source of the current troubles cood. There comes a point where there's a reversal. But if we don't get back to what rationality dictates in terms of the stansofmantary policy, we will have to observe further slide in the value of the currency