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Meddling politicians should note Turkey’s ruinous road

9 November 2021
Publisher: Business Day

The country’s president persistently orders his officials to do what they advise against, thus the plunge in the lira.

The world continues to give SA real-time examples of the dangers of politicians meddling in the workings of otherwise properly functioning institutions.

However, there seems to be either ignorance of these examples or simply a shortsighted inward-looking approach that assumes SA’s exceptionalism and immunity from the consequences of a bad collision of economics and politics. Turkey continues to give SA lessons on what political leaders need to do as far as monetary policy is concerned — that is, don’t tell central bankers what to do, especially if it is contrary to the mandate they have been given. Instead, follow the appropriate channels to change the mandate, get out of their way and allow them to achieve it…

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