Lower oil prices and stronger lira send Turkey and Argentina diverging

Photo of an oil derrick at sunset
Oil prices have contributed to Argentina and Turkey’s divergent fortunes

Annual inflation in Turkey and Argentina took opposite directions in November. A stronger lira and lower oil prices decreased price pressures in the Turkish economy, and inflation is expected to converge again in 2019 as weak demand and a tight policy framework should halve price rises in Argentina, analysts tell Central Banking.

Both countries suffered sharp capital outflows and currency depreciations from May to September 2018. The hefty external deficits in these economies and the higher

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