FROM mid-September until the middle of this week, the Turkish lira lost approximately 50 percent in value against other currencies. This was serious enough for the Turkish President Recep Tayyip Erdoğan to go onstage and promise improvements that could satisfy the financial markets. The immediate reaction in the foreign exchange market was very positive.

This kind of turmoil in a foreign exchange market rarely arises from pure nothingness and is often due to someone having "tampered" with the monetary equation, typically a government or a head of state.

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