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EXPLAINER: Are Turkey’s efforts to fix the economy working?

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KMIZ

By SUZAN FRASER
Associated Press

ANKARA, Turkey (AP) — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates is the opposite of what economists say to do to curb soaring inflation. It’s weakened the country’s currency and driven prices even higher. That makes it tough for people to buy basics like food. Analysts fear the efforts he’s taken to boost the Turkish lira and the economy will create problems down the road. Opposition leaders say they aren’t working in the short term either.

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