By Akin Nazli in Belgrade Turkey’s monetary policy committee (MPC) on October 20 introduced a jumbo policy rate cut, lopping 150 bp off the benchmark to take it to 10.5% (chart). Critics immediately spoke of more mumbo jumbo under the ‘Erdoganomics’ of the Turkish executive presidential regime—the move was made despite official inflation of 83% (as well as despite independent group ENAG’s estimates that inflation is more than twice that) and the monetary tightening presently seen from conventional central banks around the world. Monetary oddity Turkey has thus taken another step into the unkno…