President reduced the interest rate

The Central Bank’s interest rate cut from 19% to 18% is obviously President Erdogan’s decision…The fundamental decision maker of all committees in the Central Bank system and all public institutions is the President. Foreign exchange rates increased following the interest rate cut…The result will be a price surge in all imported inputs, a rise in inflation and, well, and interest rate increase! Reuters has already announced that electricity and natural gas prices will be raised by 15%... What is more desperate is that confidence in institutions and rules has been eroded further. Sahap Kavcioglu, the third governor of the Central Bank in 20 months, stated the basic principle about monetary policies as follows: “We will continue to set the policy rate at a level above inflation!” (March 30, 2021) Can investors, who invest for the long term, rely on this? But President declared to everyone on TV screens that he instructed the Central Bank: “I also met with our Central Bank Governor today. We must reduce the interest rate.” (June 1, 2021)