Turkey's central bank is expected to leave interest rates at 45% on Thursday, but with inflation thrashing towards 70% again and the lira crashing another 9% this year, there is certainly an argument for another hefty hike. Timing is everything though and with just over a week until nationwide local elections, where President Tayyip Erdogan's AK Party is trying to win back key cities like Istanbul, the new central bank governor might have his work cut out. The central bank has jacked up its key rate from 8.5% in June and Finance Minister Mehmet Simsek has reiterated inflation will be brought down with the help of tighter fiscal policy.
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