Turkey is in the midst of a currency crisis. The Lira hit a new record low in December, trading about 15.5 lira to the US dollar. This compares to a year ago when the rate was about 7.5 lira to the dollar. In other words, the value of the currency had declined by about 50% in one year.
Meanwhile, inflation is soaring — at a current rate of more than 20%.
On the line to explain the domestic and international implications of Turkey’s tanking Lira is Sibel Oktay, associate professor and chair of the Political Science Department at the University of Illinois, Springfield, and a nonresident Senior Fellow of Public Opinion and Foreign Policy at The Chicago Council on Global Affairs.