Over the years we have looked at many economic crises that have affected Turkey. A major feature has been the Turkish Lira and both its decline and the attempts to halt that. A weak currency begets inflation which begets a weaker currency and so on is a cycle that has been on repeat. In response we have seen what seemed extraordinary interest-rates when the rest of the world was running its 0% (ZIRP) and negative interest-rate or NIRP experiments. [...]