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 21st that the lira would be devalued by 20%. The spot exchange rate on February 20th was TL67,000/$. a. What was the exchange rate after devaluation? b. What was the percentage change after falling to TL 102,000/$ on February 24, three days after the devaluation? a. What was the exchange rate after devaluation? The exchange rate after devaluation was TLO. (Round to the nearest Turkish lira.)