{"id":27783,"date":"2025-03-20T17:02:30","date_gmt":"2025-03-20T16:02:30","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=27783"},"modified":"2025-03-20T17:02:30","modified_gmt":"2025-03-20T16:02:30","slug":"turkey","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/interest-rates\/turkey","title":{"rendered":"The melting of&#8230;"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-27786\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=1170%2C606&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"606\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=300%2C155&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=1024%2C530&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=768%2C398&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=1536%2C795&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?resize=1200%2C621&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The Turkish overnight lending rate urgently raised to\u202646%.<br \/>\nThis move aims to contain, as much as possible, the dramatic collapse of the lira (see chart) following the arrest of the Mayor of Istanbul, a serious opponent to President Erdogan.<\/p>\n<p>Hence the question: <strong><a href=\"https:\/\/michelsanti.fr\/en\/freedom\/can-we-still-trust-the-state\">Can we still trust the State?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Turkish overnight lending rate urgently raised to\u202646%. This move aims to contain, as much as possible, the dramatic collapse of the lira (see chart) following the arrest of the Mayor of Istanbul, a serious opponent to President Erdogan. Hence the question: Can we still trust the State?<\/p>\n","protected":false},"author":4,"featured_media":27786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"mc4wp_mailchimp_campaign":[],"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941278,648941926,648941925],"tags":[],"class_list":["post-27783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interest-rates","category-turkish-hyperinflation","category-turkish-lira"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The melting of... - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/interest-rates\/turkey\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The melting of... - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; The Turkish overnight lending rate urgently raised to\u202646%. This move aims to contain, as much as possible, the dramatic collapse of the lira (see chart) following the arrest of the Mayor of Istanbul, a serious opponent to President Erdogan. Hence the question: Can we still trust the State?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/interest-rates\/turkey\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-20T16:02:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"The melting of&#8230;\",\"datePublished\":\"2025-03-20T16:02:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey\"},\"wordCount\":52,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/usdtry.png?fit=1900%2C984&ssl=1\",\"articleSection\":[\"Interest rates\",\"Turkish hyperinflation\",\"turkish lira\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey\",\"name\":\"The melting of... - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/usdtry.png?fit=1900%2C984&ssl=1\",\"datePublished\":\"2025-03-20T16:02:30+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/usdtry.png?fit=1900%2C984&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/usdtry.png?fit=1900%2C984&ssl=1\",\"width\":1900,\"height\":984},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/interest-rates\\\/turkey#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The melting of&#8230;\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. 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Instead of progressing from its economy\u2019s developmental stage by prioritising and banking on the traditional path\u2013 which is also enticing for foreign investors \u2013, a path that is characterised by gradual industrialisation,\u2026","rel":"","context":"In &quot;Turkish hyperinflation&quot;","block_context":{"text":"Turkish hyperinflation","link":"https:\/\/michelsanti.fr\/en\/category\/turkish-hyperinflation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30432,"url":"https:\/\/michelsanti.fr\/en\/iran-2\/turkey-is-abandoning-iran","url_meta":{"origin":27783,"position":1},"title":"Turkey is abandoning Iran","author":"Michel Santi","date":"October 12, 2025","format":false,"excerpt":"Erdogan has surprised both his allies and his adversaries: by freezing the assets of key Iranian institutions, the Turkish president is sending clear signals to Washington. A spectacular U-turn from the man who, until recently, portrayed himself as Tehran\u2019s defender against U.S. sanctions. The Return of the \u201cSnapback\u201d: Iran Under\u2026","rel":"","context":"In &quot;Iran&quot;","block_context":{"text":"Iran","link":"https:\/\/michelsanti.fr\/en\/category\/iran-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Turquie.jpg?fit=1200%2C753&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Turquie.jpg?fit=1200%2C753&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Turquie.jpg?fit=1200%2C753&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Turquie.jpg?fit=1200%2C753&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/Turquie.jpg?fit=1200%2C753&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":29792,"url":"https:\/\/michelsanti.fr\/en\/turkish-hyperinflation\/turkey-sick-man-of-the-world","url_meta":{"origin":27783,"position":2},"title":"Turkey, Sick Man of the World","author":"Michel Santi","date":"July 6, 2025","format":false,"excerpt":"Some leaders \u2013 including some of the world\u2019s most experienced \u2013 still haven\u2019t understood that political maneuvering and intimidation almost always degenerate into macroeconomic disasters. What was initially just meant to sideline a political opponent immediately turned into investor panic and a financial hemorrhage. A textbook case of how to\u2026","rel":"","context":"In &quot;Turkey&quot;","block_context":{"text":"Turkey","link":"https:\/\/michelsanti.fr\/en\/category\/turkey"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/livre-turque-antan.jpg?fit=1200%2C649&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/livre-turque-antan.jpg?fit=1200%2C649&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/livre-turque-antan.jpg?fit=1200%2C649&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/livre-turque-antan.jpg?fit=1200%2C649&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/livre-turque-antan.jpg?fit=1200%2C649&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":27395,"url":"https:\/\/michelsanti.fr\/en\/joulani\/syria-finally-the-return-to-raison-detat","url_meta":{"origin":27783,"position":3},"title":"Syria: Finally, the Return to Raison d&#8217;\u00c9tat","author":"Michel Santi","date":"January 19, 2025","format":false,"excerpt":"\u00a0 \u00a0 The Syrian government has just increased customs duties on all imports from Turkey by a staggering 300%. 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The recently installed Syrian\u2026","rel":"","context":"In &quot;al Charaa&quot;","block_context":{"text":"al Charaa","link":"https:\/\/michelsanti.fr\/en\/category\/al-charaa"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/Syrie.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/Syrie.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/Syrie.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/Syrie.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":32353,"url":"https:\/\/michelsanti.fr\/en\/illiquidity\/turkey-a-mirage-under-watch","url_meta":{"origin":27783,"position":4},"title":"Turkey: A Mirage Under Watch","author":"Michel Santi","date":"October 1, 2026","format":false,"excerpt":"Finance knows how to manufacture proof of its own success. Regulators ought to be worried. A fund buys a thinly traded stock, and the price naturally climbs. The portfolio appreciates. The performance attracts new subscribers, whose money funds further purchases. And so the manager parades a return manufactured by none\u2026","rel":"","context":"In &quot;Circularity&quot;","block_context":{"text":"Circularity","link":"https:\/\/michelsanti.fr\/en\/category\/circularity"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/10\/turquie-bourse.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/10\/turquie-bourse.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/10\/turquie-bourse.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/10\/turquie-bourse.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/10\/turquie-bourse.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19527,"url":"https:\/\/michelsanti.fr\/en\/ecb-2\/central-banker-extinction-of-the-species","url_meta":{"origin":27783,"position":5},"title":"Central banker: extinction of the species","author":"Michel Santi","date":"July 9, 2019","format":false,"excerpt":"\u00a0 \u201cOf course our central bank is independent\u201d, the Turkish President, Recep Tayyip Erdogan, pretty much just declared, just before dismissing by presidential decree (on 7th July) the boss of Turkey\u2019s central bank, Murat Cetinkaya, stating that \u201ca central bank cannot ignore the signals sent by the President\u201d. It was\u2026","rel":"","context":"In &quot;Christine Lagarde&quot;","block_context":{"text":"Christine Lagarde","link":"https:\/\/michelsanti.fr\/category\/christine-lagarde"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/07\/Lagarde-Draghi-300x200.jpeg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/usdtry.png?fit=1900%2C984&ssl=1","_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=27783"}],"version-history":[{"count":3,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27783\/revisions"}],"predecessor-version":[{"id":27791,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27783\/revisions\/27791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/27786"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=27783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=27783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=27783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}