Istanbuls Issues. The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during
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Istanbul’s Issues. The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic crisis. The Turkish government announced on February 21 that the lira would be devalued by 20%. The spot exchange rate on February 20 was TL68,000/$.
a. What was the exchange rate after devaluation?
b. What was percentage change after falling to TL100,000/$?
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