Portfolio Manager, Emerging Markets Debt Team
I’m out and about in Istanbul, and word on the street is this is time for change. However, in the rural areas of Turkey, Erdogan still remains extremely popular. The election is important on many fronts. On the first front, geopolitically, Turkey has to decide whether it leans more towards the West, or towards Asia, or towards Russia. Economically, the opposition have threatened to turn back many of Erdogan’s unpopular domestic policies. The most important of this is central bank independence. Interest rates are still very low, while inflation sits very high.
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