Business – Herald Port

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Turkey’s central bank needs to raise interest rates to contain the country’s financial crisis, veteran economist Stephen Roach told CNBC on Monday. Earlier in the day, Turkish lira dropped to a new all-time low of 7.24 against the U.S. dollar. It later pared some of those losses to trade around 6.99. “The markets clearly want much more decisive action,” said Roach, former chairman of Morgan Stanley’s operations in Asia. However, Turkish President Recep Tayyip Erdogan “is not about to do that both in terms of policy as well as rhetoric,” he said on “Power Lunch.” Roach, now a senior fellow at Yale University, believes what Turkey needs is “a really large and strong monetary tightening.” Last week, the economic crisis engulfing Turkey deepened after ...

Tag: Business

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Market wants ‘decisive action’ so Turkey needs to raise rates: Yale economist Stephen Roach