Basci besieged with investors adding to Erdogan jabs
Bloomberg/Istanbul
With President Recep Tayyip Erdogan bearing down on him over interest rates, Turkish central bank Governor Erdem Basci is now at risk of alienating investors who want to see evidence of greater autonomy on policy.
Basci’s decision to tie holding an emergency interest-rate meeting last week to the outcome of an inflation report caused “tremendous damage” to the central bank’s credibility, according to Societe Generale’s Benoit Anne. The move made “everyone uneasy,” said Commerzbank’s Simon Quijano-Evans.
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