It can sometimes be difficult to be sure that a central bank is coming under severe pressure from its country’s government. In Turkey, the assault on the central bank is undeniable. President Recep Tayyip Erdoğan has dismissed three governors within 20 months between July 2019 and March 2021. Each time, he made it plain that he did so for their failure to follow his wishes over monetary policy.

But the full extent of the difficulties at the Central Bank of the Republic of Turkey are, as yet