Turkish Lira and Inflation Stabilizes Despite Interest Rate Cuts, Why? – Trustnodes
The Turkish Lira crashed from 8 in September 2021 to 18 TRY per dollar. A dive to 10 made it bounce to 14, and since then it has gradually fallen but has recently become somewhat stable at 18.5. 土耳其里拉兑美元汇率从 2021 年 9 月的 8 点暴跌至 18 里拉。跌至 10 使其反弹至 14，此后逐渐下跌，但最近稳定在 18.5。 Inflation also began spiking at the end of last year, but has become somewhat stable-ish since June at around 80%. 去年年底，通货膨胀率也开始飙升，但自 6 月以来已经稳定在 80% 左右。 Interest rates on the other hand are down and down, from 14% in August to 10.5% with suggestions theyll end the year in single digits. 另一方面，利率不断下降，从 8 月的 14% 降至 10.5%，并暗示他们将在年底以个位数结束。 Those interest rates were at 19% at the end of last year, with the move to lower them blamed for the crash in TRY and the spike of inflation. 去年底，这些利率为 19%，降低利率的举措归咎于土耳其里拉的崩盘和通胀飙升。 But why did the huge summer cuts not reflect on either？ Was it all priced in, including inflation pricing in itself somehow？ 但是为什么夏季大幅削减两者都没有反映出来？这一切都被计入了，包括通胀定价本身吗？ Maybe, but things like the central bank balance sheet, the commercial banks balance sheet, and the money supply have stabilized after doubling at the end of last year. 也许吧，但央行资产负债表、商业银行资产负债表、货币供应量等在去年年底翻了一番之后已经稳定下来。 Turkey central bank balance sheet, Oct 2022 土耳其央行资产负债表，2022 年 10 月 Fiat money is a complex mechanism in a public-private partnership that allows for