The Turkish Leer Is Trading Low Against the Dollar

Brad Setzer from the Council on Foreign Relations argues that the relatively strong economy of the past several quarters has been the product of unsustainable policies. Working Turks will feel poorer when the leer falls in value, he says. Turkey's foreign currency and gold reserves tumbled $17 billion in the six weeks leading up to the first round of the election a decline of 15%. The establishment of an independent central bank in 2001 which focused mainly on fighting inflation along with tight fiscal policies implemented at the same time brought inflation under control.