![A man walks past an information screen displaying rates in front of an exchange office in Istanbul, on October 26, 2020 as Turkey's lira set a new record low against the US dollar. - Turkey's lira was trading at 8.03 against the dollar at around 0730 GMT, suffering a loss of nearly one percent since the beginning of the day. The Turkish currency also recorded its lowest level against the euro, trading near 9.52. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/11/GettyImages-1229294062.jpg/GettyImages-1229294062.jpg?h=a5ae579a&itok=MNYJKUOx)
Mustafa Sonmez is a Turkish economist and writer. He has worked as an economic commentator and editor for more than 30 years and authored some 30 books on the Turkish economy, media and the Kurdish question. On Twitter: @mustfsnmz
![A man walks past an information screen displaying rates in front of an exchange office in Istanbul, on October 26, 2020 as Turkey's lira set a new record low against the US dollar. - Turkey's lira was trading at 8.03 against the dollar at around 0730 GMT, suffering a loss of nearly one percent since the beginning of the day. The Turkish currency also recorded its lowest level against the euro, trading near 9.52. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/11/GettyImages-1229294062.jpg/GettyImages-1229294062.jpg?h=a5ae579a&itok=MNYJKUOx)
![This picture taken on October 26, 2020 in Istanbul shows a French car Renault in the Istiklal street. - Turkish President joined calls for a boycott of French goods, on October 26, 2020, ramping up a standoff between France and Muslim countries over Islam and freedom of speech. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/10/GettyImages-1229293529.jpg/GettyImages-1229293529.jpg?h=1d34674f&itok=reuz6__i)
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![ISTANBUL, TURKEY: A shop keeper shows a legally produced Turkish Raki in Istanbul 03 March 2005. The deaths of nine people from bootleg liquor has sparked panic in Istanbul drinking establishments, with many bar owners blaming higher taxes on alcoholic beverages by a government with Islamist roots for the emergence of illegal liquor factories. AFP PHOTO/Mustafa Ozer (Photo credit should read MUSTAFA OZER/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/10/GettyImages-52270558.jpg/GettyImages-52270558.jpg?h=a5ae579a&itok=B-cvMJRq)
![Men walk on a street of the village of Djojugh Marjanli in Azerbaijan's Jabrayil district which is said was damaged in shelling during the ongoing fighting between Armenia and Azerbaijan over the breakaway Nagorno-Karabakh region, October 6, 2020. (Photo by TOFIK BABAYEV / AFP) (Photo by TOFIK BABAYEV/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/10/GettyImages-1228919883.jpg/GettyImages-1228919883.jpg?h=a5ae579a&itok=nwZeHgbA)
![People walk past a screen showing rates at a currency exchange agency near Grand bazaar, in Istanbul, on September 24, 2020. - Turkey's central bank on September 24, 2020 raised its main interest for the first time since September 2018, boosting the rate by two percentage points to help the lira recover from historic lows. (Photo by Ozan KOSE / AFP) (Photo by OZAN KOSE/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/10/GettyImages-1228683866.jpg/GettyImages-1228683866.jpg?h=a5ae579a&itok=frKfxDpn)
![GettyImages-1216631220.jpg](/sites/default/files/styles/article_header/public/almpics/2020/09/GettyImages-1216631220.jpg/GettyImages-1216631220.jpg?h=a5ae579a&itok=wqcRa4uh)
![A picture taken on March 30, 2018 shows the traffic jam at the Eminonu district, in Istanbul. - Uber has enjoyed growing popularity in Istanbul, and this has stoked tensions with the official taxi drivers, who have brought legal cases against the firm in Istanbul in a bid to have the app blocked in Turkey, AFP reports. Tensions have also spilt over into violence, with Uber drivers complaining of being verbally harassed, beaten up or even shot at. (Photo by OZAN KOSE / AFP) (Photo credit should read O](/sites/default/files/styles/article_header/public/almpics/2020/09/GettyImages-949719216.jpg/GettyImages-949719216.jpg?h=a5ae579a&itok=bjh6VWpb)
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![ISTANBUL, TURKEY - AUGUST 29: People walk past a currency exchange office on August 29, 2018 in Istanbul, Turkey. Turkey's lira extended its slump to a third day to 6.45 against the dollar after the central bank announced it would alter Turkish banks borrowing limits on overnight transactions, the move failed to reassure investors and combined with the decision by ratings agency Moody's to downgrade the credit rating of twenty Turkish financial institutions saw the lira continue to slide. (Photo by Chris](/sites/default/files/styles/article_header/public/almpics/2020/08/GettyImages-1025019896.jpg/GettyImages-1025019896.jpg?h=a5ae579a&itok=aCr48-ZK)
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![An employee counts money at a currency exchange office in Ankara, on August 7, 2020. - Turkey's lira on August 7, 2020 set a new record low against the US dollar as investors worried about the government's economic policies and dollar reserves appeared to be running low. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)](/sites/default/files/styles/article_header/public/almpics/2020/08/GettyImages-1227951320.jpg/GettyImages-1227951320.jpg?h=a5ae579a&itok=LhdXjROj)
Mustafa Sonmez is a Turkish economist and writer. He has worked as an economic commentator and editor for more than 30 years and authored some 30 books on the Turkish economy, media and the Kurdish question. On Twitter: @mustfsnmz