Marcus Ashworth, Columnist

A Solitary Rate Hike Can’t Save the Lira Now

Erdogan will need to back down and set the central bank free.

August 13, 2018 at 11:47 AM UTC

Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London.

Erdogan’s economic battle was lost before he started.
Photographer: Arif Akdogan/Bloomberg

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If a battle can’t be won, don’t fight it.

Turkish President Recep Tayyip Erdogan would be well advised to recognize that his campaign for the lira was lost before it even started. His rhetoric in recent days on “economic war” being waged against his country has only fanned the flames.