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Markets tumble as Moderna chief predicts existing Covid vaccines will struggle with Omicron – Live Business | Business

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While it was not already clear enough that Erdogan does not believe in the basic economic theory that inflation can be controlled by interest rates, the President of Turkey has once again let us know that he will never stand for higher interest rates and will never compromise on this issue.

Its central bank, which suffers from a lack of independence, has lowered its main policy rate three months in a row, despite skyrocketing inflation levels of nearly 20%. The country’s inflationary context combined with the easing of monetary policy greatly increases the risk of hyperinflation, a phenomenon that is deeply embarrassing for the standard of living by destroying the purchasing power of the currency.

The Turkish lira has gained in a single session of the last eight against the US dollar and is trading near record lows, reflecting the painful picture of inflation. The USDTRY continues its bullish ascent, pushing higher by more than 2% today, extending its rally to 37% this month alone. The next major obstacle to the resistance is at 1:45 p.m., the pound’s all-time low last week after President Erdogan said Turkey was waging an “economic war of independence.”

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