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but less than many had predicted after last month s mega move saw the cost of borrowing nearly double. now this is all part of an about turn for turkish economic policy and a serious change from president erdogan s previous fiscal beliefs. as financial journalist victoria craig explains. for years we have seen him insist that low interest rates are the cure for rising prices. he believes higher interest rates stoke inflation which runs contrary to monetary policy orthodoxy that we see in much of the rest of the world. as you mentioned, the president post election has brought in a new economic team, new finance minister, new central bank governor, and together they have raised interest rates last month for the first time in two years. so rates are rising gradually and that s something the central bank pointed to in its statement, that it would be gradual and timely in its effort to battle inflation and so it sjust going to be part of it, it sjust to be patient. it s really interesting

Victoria craigVladimir putinInterest ratesPost electionMonetary policy orthodoxyFinance ministerCentral bank