Past misdeeds haunting Turkish central bank

DUBAI: Past dithering on inflation is hampering the Turkish central bank’s ability to prop up the weakening economy.

While the lira crashed and prices soared over the summer, governor Murat Cetinkaya and colleagues hesitated until September before finally raising interest rates. The legacy of that delay means the central bank is trying to quell inflation and keep investors on side for fear of unsettling the currency even as Turkey slides toward recession.