'Chickens come home to roost' for Erdogan as Turkey currency crisis intensifies

Reluctant to control interest rates

Investors are braced for further market volatility in Turkey and across the globe, on fears the country's monetary authorities are not taking strong enough action to halt the plunging lira.

The lira is down around 40% against the dollar this year and 20% last week alone, on the back of longer-term concerns about mis-management of Turkey's over-heating economy, while a recent row between the country and the US pushed Turkey into a full blown currency crisis at the end of last week.   Last Friday, US President Donald Trump approved doubling tariffs on Turkish steel and aluminium, following Turkey's refusal to free an American pastor who had been detained in the country for nearly two years. This prompted Turkish President Recep Tayyip Erdogan to tell citizens to "trust God...