The Turkish Central Bank’s obedience to the government, both in terms of monetary policy and interventions in the foreign exchange market, is badly damaging its credibility among foreign investors, the ultimate cost of which will be borne by the crisis-hit economy.
Lebanon’s central bank governor, Riad Salameh, warned Monday against economic collapse if a solution to the country’s crisis is not found soon. “I am saying we need to have a solution in a matter of days to regain confidence and avoid collapse in the future,” Salameh told Reuters. The interview comes as nationwide protests against decades of corruption and the government’s mismanagement of the economic crisis enter their 13th day. Banks, schools and some businesses have been closed throughout the protests.