Turkey's Import Structure Is So High That It's Not Beneficial for Exporters

Turkey's currency has been in free fall this week, reaching a record low against the US dollar. The Lira's collapse has been sparked, in part, by President Recep Tayyip Erdogan doubling down on his controversial economic policies, such as demanding that the central bank cut interest rates despite rapidly accelerating inflation.

Ed Butler explores why President Erdogan is so attached to the policy, at the expense of three central bank governors in the last three years, and asks what impact the currency crisis is having on Turkey's economy. Ed speaks to Gulcin Ozkan, professor of finance at King's College London, economist and former fund manager Mohamed El-Erian, and to a forlorn wealth manager in Istanbul.

Producer: Will Bain

(Picture: Turkish Lira notes; Credit: Getty Images)