Little trust: A man is seen pulling a trolley with goods near the Grand Bazaar in Istanbul. Business groups have warned of the negative impact of Turkey’s low-rates policy and say that the economic woes are harming businesses and citizens. — AP
ISTANBUL: Turkey’s Finance Minister Nureddin Nebati has briefed the country’s banking association, BDDK banking watchdog and state bank managers on the government’s new low-rates economic model, the association says, after the lira sank to record lows.
The lira fell beyond 17 to the US dollar on Friday after fears mounted of an inflationary spiral, brought on by president Tayyip Erdogan’s policy in the face of soaring prices.
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