Turkey adjusts to ‘bitter medicine’ of high rates

President Recep Tayyip Erdogan heard Turkish voters back in May when they said they wanted change in the economy.

So, he appointed a new finance minister and central bank governor to lead the charge.

Despite the president’s strong opposition to using higher interest rates to cool rising prices, he’s allowed rates to rise in each of the last six months.

While that’s helped bring about an economic turnaround, it’s put added pressure on households who have for years been reliant on low borrowing costs.

Will the president’s patience with economic orthodoxy last, or are these early policy changes a sign of long-lasting change?

Presenter Victoria Craig Produced by Victoria Craig and Ceren Iskit

(Image: Eren and Ümit Karaduman and their children. Credit: Victoria Craig)