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Turkey: Erdogan unbowed by critics, leaving little to stop lira's collapse

Two people familiar with internal discussions said some government officials are uncomfortable with Erdogan's rate-cutting strategy and told him this

Orhan Coskun and Jonathan Spicer | Reuters Ankara (Turkey)

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FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul | Photo: Reuters

5 min read Last Updated : Nov 25 2021 | 12:34 PM IST

Little stands in the way of Turkey's currency collapse expanding into a deeper economic crisis after President Tayyip Erdogan ignored appeals, even from within his government, to reverse policy, according to top officials and analysts.

Two people familiar with internal discussions said some government officials are uncomfortable with Erdogan's rate-cutting strategy and told him this. But they have not convinced him, and others have given up trying, they said.

This could set the stage for an intensifying showdown between rattled investors and local savers on one side and on the other, Erdogan - who has dismissed several ministers and top bureaucrats who previously were able to challenge and persuade him on some policy decisions.