Turkey may have crawled out of recession at the start of the year, but its credit growth remains weak
, Recep Tayyip Erdogan, once called high interest rates “the mother of all evil”. Murat Uysal, its new central-bank governor, must then be close to angelic. Since Mr Erdogan sacked Mr Uysal’s predecessor four months ago for refusing to slash interest rates, he has cut three times, by a cumulative ten percentage points . The latest cut, of 2.5 percentage points on October 24th, was more than double market expectations.
The economy remains vulnerable to outside shocks. On October 29th America’s House of Representatives voted to restrict arms sales to Turkey, sanction the country over its purchase of a missile-defence system from Russia, and investigate Mr Erdogan’s wealth. Lawmakers also passed a motion recognising the Ottoman slaughter of Armenians in 1915 as genocide. Though the sanctions package is unlikely to become law, relations with America are at their worst in decades.
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