In late July, Turkey’s central bank refused to raise interest rates, despite pressure from the international community to do so to alleviate rising inflation. Prior to the election, Erdoğan repeatedly promised to take over greater control of central bank policy, so the failure to raise rates sparked fears that Erdoğan was following through on this promise. He has called interest rates the “mother and father of all evil”. The Turkish lira promptly lost 3% off the dollar, a reaction from the markets similar to the one they had when his re-election was announced. The Turkish economy is dependent on foreign investors and moves such as this one, which may hold a certain domestic nationalist appeal, are driving away foreign money and sparking fears for the future health of the Turkish economy.