{"id":3797,"date":"2022-01-18T16:26:00","date_gmt":"2022-01-18T16:26:00","guid":{"rendered":"https:\/\/finseta.com\/?p=3797"},"modified":"2026-07-28T13:54:43","modified_gmt":"2026-07-28T12:54:43","slug":"the-turkish-lira-currency-crisis-explained","status":"publish","type":"post","link":"https:\/\/finseta.com\/ca-en\/the-turkish-lira-currency-crisis-explained\/","title":{"rendered":"The Turkish Lira currency crisis explained"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3797\" class=\"elementor elementor-3797\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f0c128e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f0c128e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-762873ba\" data-id=\"762873ba\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3299bf5a elementor-widget elementor-widget-text-editor\" data-id=\"3299bf5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"2845\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Without a doubt the last 15 or so years have been a rough time for all the major economies of the world. From the Global Recession to COVID-19, it\u2019s been a rollercoaster of a ride. <a href=\"https:\/\/finseta.com\/knowledge-hub\/country-profiles\/turkey\/\">Turkey<\/a> however has had one of the most turbulent times of all.<\/p><p id=\"9ab7\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">For a long time, Turkey has been a rising star in world economics. It was listed as one of the \u2018MINT\u2019 countries (Mexico, Indonesia, Nigeria and Turkey), part of a group of key economies for growth and development, future powerhouses in the global economy. The country weathered the 2009 crash well and returned to growth in a very short period. All signs indicated the Turkish economy was on course to continue its immense growth path.<\/p><p id=\"1481\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">This all changed in 2018. Since then, the country has been overwhelmed by a vast currency crisis that has seen inflation skyrocket and the <a href=\"https:\/\/finseta.com\/knowledge-hub\/currencies\/turkish-lira\/\">Turkish Lira<\/a> collapse in value. In January 2018, \u00a31 was worth around 5 lira. Today it\u2019s worth over 15 lira, a historic low.<\/p><p id=\"8f45\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Below we\u2019ll look at the two main factors that created and exacerbated this dramatic situation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-284c2236 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"284c2236\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1567c640\" data-id=\"1567c640\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b09362 elementor-widget elementor-widget-spacer\" data-id=\"4b09362\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-295c2c09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"295c2c09\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-78f12986\" data-id=\"78f12986\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c26d3c4 elementor-widget elementor-widget-image\" data-id=\"c26d3c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash-683x1024.jpg\" class=\"attachment-large size-large wp-image-3967\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash-683x1024.jpg 683w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash-200x300.jpg 200w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash.jpg 720w\" sizes=\"(max-width: 683px) 100vw, 683px\" data-attachment-id=\"3967\" data-permalink=\"https:\/\/finseta.com\/the-turkish-lira-currency-crisis-explained\/tolga-ahmetler-js9m5ezlna8-unsplash\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash.jpg\" data-orig-size=\"720,1080\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"tolga-ahmetler-jS9M5ezlna8-unsplash\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/tolga-ahmetler-jS9M5ezlna8-unsplash-683x1024.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(Turkey is being ravaged by inflation)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fec3fc5\" data-id=\"fec3fc5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b484c4f elementor-widget elementor-widget-heading\" data-id=\"5b484c4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A highly unorthodox economic policy\u2026<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-350504d8 elementor-widget elementor-widget-text-editor\" data-id=\"350504d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"3dc4\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The Turkish economy is built on foreign investment, growing government borrowing and a construction and development boom.<\/p><p id=\"c411\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">When the crisis started in 2018, the country introduced an economic policy that goes against all economic logic.<\/p><p id=\"0a69\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Conventional economic wisdom suggests that in times of high inflation, interest rates need to be raised to counter its effect, however Turkey has continued to slash interest rates even as the Lira spirals on an ever further path of loosing value.<\/p><p id=\"b927\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The crisis is made worse because so much of Turkey\u2019s debt is in foreign currency. As the Lira looses value, the cost of servicing the debt goes up, creating a continuing vicious cycle.<\/p><p id=\"8fd3\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">COVID-19 also hit Turkey\u2019s economy particularly hard. Millions of tourists visit Turkey every year, spending money and swapping foreign currency for Lira. With the collapse in tourism, many in Turkey\u2019s coastal regions were left at a loss.<\/p><p id=\"ff21\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">With continuing inflation, ordinary people have taken to buying foreign currency as a means of security for their savings thus further heightening the currency issues.<\/p><p id=\"eab3\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">People in Turkey today are poorer, the cost of living has sky rocketed and citizens living below the poverty line has increased. Despite this, the policy of growth at all costs continues to be in place and government borrowing continues.<\/p><p id=\"68e5\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Much of the situation can be understood when the political context is taken into account.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17396b9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17396b9\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5eb885d0\" data-id=\"5eb885d0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a1c3f51 elementor-widget elementor-widget-spacer\" data-id=\"5a1c3f51\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d54abd4 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d54abd4\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2ac7a2e9\" data-id=\"2ac7a2e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67a92aa3 elementor-widget elementor-widget-heading\" data-id=\"67a92aa3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The slide into political authoritarianism\u2026<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-99f6b1d elementor-widget elementor-widget-text-editor\" data-id=\"99f6b1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p id=\"c78e\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Since coming into power around 20 years ago, Recep Erdogan has consolidated his hold on power by eroding democratic norms, amending the constitution to give him more power and weakening non presidential government institutions.<\/p><p id=\"d123\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">The policy of low interest rates is dictated from the president himself. He has forced out previous dissenters from the Central Bank and bought it under the de facto control of the Presidency.<\/p><p id=\"d37f\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">In foreign policy, he has antagonised former allies, many of whose domestic companies have contributed significantly to Turkey\u2019s growth leading to dramatic losses in confidence.<\/p><p id=\"4c36\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">Each time the President takes an erratic economic or non-democratic action, the Lira loses more in value.<\/p><p id=\"84ae\" class=\"pw-post-body-paragraph ju jv im jw b jx jy jz ka kb kc kd ke kf kg kh ki kj kk kl km kn ko kp kq kr if gn\" data-selectable-paragraph=\"\">What\u2019s clear is that Turkey needs a change, either in policy or in administration. The current economic policy is continuing to fuel an economic and currency crisis that shows no sign of getting better.<\/p><p data-selectable-paragraph=\"\">&#8211;<\/p><p data-selectable-paragraph=\"\">Sources:\u00a0<a class=\"au ky\" href=\"https:\/\/data.worldbank.org\/country\/turkey\" target=\"_blank\" rel=\"noopener ugc nofollow\">https:\/\/data.worldbank.org\/country\/turkey<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-648d59\" data-id=\"648d59\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ab7e0c7 elementor-widget elementor-widget-image\" data-id=\"1ab7e0c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-1024x683.jpg\" class=\"attachment-large size-large wp-image-3966\" alt=\"\" srcset=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-1024x683.jpg 1024w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-300x200.jpg 300w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-768x512.jpg 768w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-1536x1024.jpg 1536w, https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash.jpg 1620w\" sizes=\"(max-width: 800px) 100vw, 800px\" data-attachment-id=\"3966\" data-permalink=\"https:\/\/finseta.com\/the-turkish-lira-currency-crisis-explained\/faruk-melik-cevik-ivtibhjftae-unsplash\/\" data-orig-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash.jpg\" data-orig-size=\"1620,1080\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"faruk-melik-cevik-IVtIBhjftaE-unsplash\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/finseta.com\/wp-content\/uploads\/2022\/01\/faruk-melik-cevik-IVtIBhjftaE-unsplash-1024x683.jpg\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">(The President remains popular despite becoming more authoritarian)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-70f0018c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"70f0018c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4840858a\" data-id=\"4840858a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2619c2cd elementor-widget elementor-widget-spacer\" data-id=\"2619c2cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Without a doubt the last 15 or so years have been a rough time for all the major economies of the world. From the Global Recession to COVID-19, it\u2019s been a rollercoaster of a ride. Turkey however has had one of the most turbulent times of all. For a long time, Turkey has been a [&hellip;]<\/p>\n","protected":false},"author":221728552,"featured_media":3825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[1370],"tags":[1509,1402],"class_list":["post-3797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-try","tag-turkey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Turkish Lira currency crisis explained - Finseta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finseta.com\/ca-en\/the-turkish-lira-currency-crisis-explained\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Turkish Lira currency crisis explained - Finseta\" \/>\n<meta property=\"og:description\" content=\"Without a doubt the last 15 or so years have been a rough time for all the major economies of the world. 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