 Selva Demiralp is an economist at Koç University in Istanbul. For years, as inflation skyrocketed, Turkish President Recep Tayyip Erdogan pressured the country's central bank not to raise interest rates. His belief, which went against orthodox economic policies, was that low rates would spur growth. But about a year ago, Demiralp says, this plan hit a breaking point. Central bank's international reserves were seriously depleted that they couldn't really sell any more reserves.