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Erdogan’s staunchest backers 'tired' of interest rate debate

The Turkish president’s controversial economic policies have led to rare public criticism by a business group that has long backed his party.
A man walks in front of a screen showing rates against Turkish lira near a currency exchange agency at Kaarakoy in Istanbul on Dec. 16, 2021 in Istanbul.
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Turkish President Recep Tayyip Erdogan’s election-focused economic policies have attracted criticism even from his longtime allies in the business community, the Independent Industrialists and Businessmen's Association (MUSIAD). 

In a rare public disapproval of Ankara’s ways, MUSIAD chair Mahmut Asmali grumbled last week about economic uncertainty, including the central bank’s policy rate, though he backed Erdogan’s push to lower the rate to single digits by the end of the year. A series of unorthodox cuts have brought the rate down to 12% from 19% over a year despite inflation topping 80%. 

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