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In the October 2 3 , 1 9 9 9 issue, the Economist reports that the interest rate per annum is 5 . 9 4

In the October 23,1999 issue, the Economist reports that the interest rate per annum is 5.94% in the United States and 70.5% in Turkey. Based on the reported interest rates, how would you predict the change of the exchange rate between the U.S. dollar and the Turkish lira according to international Fisher effect? The expected appreciation or depreciation of the Turkish lira against the U.S. dollar according to international Fisher effect:

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