Posted 12/28/2023, 1:06:06 PM
Turkish lira sinks as 49% minimum wage hike stokes inflation fears
- Turkish lira hits record low and bonds tumble after 49% minimum wage hike
- Wage hike fuels inflation fears and worries investors about populist pre-election policies
- Minimum wage hike was closely watched by rating agencies and investors
- Wage hike threatens central bank efforts to rein in inflation, despite recent orthodox policies
- Investors see upcoming local elections as critical test of Turkey's economic policy credibility
