Part 5/8:

Currency Devaluation

One of the critical elements influencing Turkey's economic landscape is the devaluation of the Turkish Lira. Over the last five years, the value of the Lira has dropped significantly, from around six Lira per US dollar to over 35 Lira today. This depreciation has profound implications, especially since Turkey is a net importer reliant on foreign goods, such as food and fuel. The continuing decline of the Lira exacerbates inflationary pressures, as the cost of imports increases dramatically, further straining the economy.