Exchange Rate of Turkey

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Student’s Name Professor’s Name Course Date Exchange Rate in Turkey Introduction The Lira (Turkey’s currency) has fallen by nearly 10% over the last three years amid economic concerns, a huge national debt, as well as political instability (Jones 1; Gunay 23). This currency is currently not at its best compared to other currencies like the US dollar and Euro but is slowly recovering (Sonmez 1). Like other factors, such as economic and security circumstances, political events in Turkey also influence the exchange of rate of this nation's currency. Political events significantly shape Turkey’s currency exchange rate in numerous ways, such as the creation of political risks, uncertainties, and tensions, as well as the enactment of laws and implementation of policies. These events have a considerable impact on the exchange rate since they create risks (Sönmez 1). Political risks are detrimental to Turkey’s currency exchange rate as they make the nation’s market unattractive for foreign investment (MacBride 1). For example, when the Turkish government failed to create coalition options in 2014, many investors chose to exit the Turkish market (Sönmez 1). These investors removed approximately $30 billion in capital from the Turkish market. Consequently, the Turkish Lira (the nation’s currency) fell to nearly 3 Liras to the United States dollar. The Lira decreased in value due to this trend of decreasing foreign investment and capital. Political events also significantly determine how Turkey’s currency will be in comparison to other currencies since they create political uncertainties (Gunay 23; Bilen and Duran 1). Some of the events that have

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