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Turkey rejects economic orthodoxy on fighting inflation : Planet Money Turkey is facing really high inflation, over 60 percent. Its president is taking an unorthodox approach to dealing with it. | Subscribe to our weekly newsletter here.

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Turkey's runaway inflation problem

Turkey's runaway inflation problem

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ANKARA, TURKEY- FEBRUAY 28: In this handout from the Turkish Presidential Press Office - President of Turkey, Recep Tayyip Erdogan made a statement after the cabinet meeting with the agenda of Russia and Ukraine on February 28, 2022 in Ankara, Turkey. (Photo by Presidential Press Office via dia images via Getty Images)
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Handout/dia images via Getty Images
ANKARA, TURKEY- FEBRUAY 28: In this handout from the Turkish Presidential Press Office - President of Turkey, Recep Tayyip Erdogan made a statement after the cabinet meeting with the agenda of Russia and Ukraine on February 28, 2022 in Ankara, Turkey. (Photo by Presidential Press Office via dia images via Getty Images)
Handout/dia images via Getty Images

Mainstream economists say raising interest rates lowers inflation. That's why the Federal Reserve and other central banks are hiking rates right now. But not Turkey. Even with Turkey's inflation over 60 percent, Turkish president Recep Tayyip Erdoğan has rejected this widely accepted approach and is doing the opposite. Today, what happens when Turkey throws out the inflation playbook?

Music: "Helen" "Blood Sweat and Fears" and "Playing The Game."

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