Turkey's President Erdogan Demands Rate-Cut, Lira Slumps to Record Low

The video discusses the influence of President Erdogan on Turkey's Central Bank, highlighting his tendency to replace central bankers to align with his economic views. This has led to concerns about the bank's independence, especially as Erdogan pushes for interest rate cuts to boost growth, despite high inflation. The market reacts negatively to these pressures, fearing further devaluation of the lira and economic instability.

What challenges does Turkey face in achieving its inflation target by 2023?

Discuss the relationship between the Central Bank's independence and market reactions in Turkey.