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Istanbul's Issues. The Turkisk 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 st that the lira would be devalued by 20%. The spot exchange rate on February 20th was TL69,000/\$. a. What was the exchange rate after devaluation? b. What was the percentage change after falling to TL102,000/$ on February 24 , three days after the devaluation? a. What was the exchange rate after devaluation? The exchange rate after devaluation was TL (Round to the nearest Turkish lira.)