Cerian Richmond-Jones

speaker

71 appearances 1 recordings 1 series first heard Jul 2026 last heard 14 Jul

Cerian Richmond-Jones’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Economist Podcasts · The case of the missing totem: Aung San Suu Kyi · 14 Jul 2026 podcast

Right.

So two years ago, Turkey was basically a macroeconomic disaster.

Erdogan, the president, had this idea that interest rates were evil for some reason and kind of interest rates and inflation were not linked at all.

So there was roaring inflation, incredibly low interest rates, credit and investment was really rationed.

So only Erdogan's friends could really get the big capital injections they needed.

And that drove corruption.

all the foreign investors basically in Turkey away.

And things have really improved over the last couple of years.

The new finance minister, Mehmet Simsek, is a much more orthodox guy.

Growth in 2025 was 3.6% and inflation fell by 24 percentage points.

It was still 35%.

So things in Turkey in 2025 still got a third more expensive.

So that gives you the standards that we're working with.

But things absolutely have got better.

The problem, I think, or one of the problems, leaving aside Istanbul's shabbiness, is actually the investors just don't trust that that is going to last.

So the central bank still quite regularly sells dollars to prop up the lira.

That sends foreign reserves very low, which worries investors.

And then also...

Erdogan is, a lot of people think, not quite done with the craziness yet.

So there are rumours in Istanbul that he's fallen out with Simsek, with this kind of orthodox economic advisor, and he's beginning to give more and more speeches again about the evilness of interest rates.

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