The central bank's monetary policy committee convenes to set interest rates later this month. The markets are expecting a significant rate hike and anything less will be a disappointment. As elections near, Erdogan will probably want to show that the economy is growing,. And if the economic pain is severe, then he may decide that this pain is at least politically speaking, not worth bearing. Pyotra: Turkey's local elections, which are set for March 2024, might influence policymaking.