The case of the lira is instructive. Turkey has a low savings rate and an extraordinary appetite for hard currency borrowing by companies
In January 2017, when Donald Trump was sworn in as president, the Turkish lira was trading at 3.5 to $1. In the roughly 18 months since, the TRY has lost half its value, hitting a level of 7 TRY to $1 last week, before a modest recovery in the last few days.
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