The cost of borrowing money in Turkey is surging, a sign that President Recep Tayyip Erdogan’s policy of driving down interest rates is starting to backfire.
Since the central bank began slashing rates in September, the yield on 10-year government bonds has climbed more than 7 percentage points, touching an all-time high of 24.9% on Wednesday. It stands at more than 10 percentage points above the bank’s benchmark repo, the biggest premium on record.
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December 30, 2021 at 02:35PM
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Erdogan's Push for Low Rates Backfires as Borrowing Costs Soar - Bloomberg
"low" - Google News
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