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 20 th was TL67,000/\$. a. What was the exchange rate after devaluation? b. What was the percentage change after falling to TL105,000/\$ on February 24 , three days after the devaluation