, Columnist
Erdogan's Win Is No Victory for the Lira
Will the president be able to leave the central bank alone?
Winning the election was the easy part.
Photographer: BULENT KILIC/AFP/Getty Images
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Turkish President Recep Tayyip Erdogan may have won another five years in office, but it is harder to see whether the country as a whole will benefit. The lira only recovered modestly on Monday. While the election uncertainty has gone, what happens next is still up in air.
Fixed-income markets, credit default swaps and equities haven't returned to the levels they were at before the election was called. Monday has seen a relief rally based purely on the fact that the result is clearer than the polls had suggested and a second round of voting has been avoided.