In an old Ottoman bazaar, Turkey’s exchange rates get real

Turkey’s economy is showing signs of another slowdown after its longtime leader, Recep Tayyip Erdoğan, was elected to another presidential term over the weekend. Erdoğan’s unorthodox economic policies and pressure on the country’s central bank have weakened Turkey’s currency. The Turkish lira is now worth less than a third of what its value was only a few years ago, compared to the US dollar. As The World’s Durrie Bouscaren reports, the situation fuels an unofficial foreign exchange market deep inside Istanbul’s Grand Bazaar.

Will you support The World with a monthly donation?

There is no paywall on the story you just read because a community of dedicated listeners and readers have contributed to keep the global news you rely on free and accessible for all. Will you join the 226 donors who have supported The World so far? From now until Dec. 31, your gift will help us unlock a $67,000 match. Donate today to double your impact!