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It’s now been a year since we saw the crash in TRY. This crash led USDTRY to explode from around 5.25232 at the start of August 2018 to highs of 7.11745 in under two weeks.

It has been an important year for Turkey. What began as a diplomatic standoff with the US spiraled into a full-scale backlash against a credit-driven overheating of the economy.

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Turkish Economy Recovering

In Q2 2018, Turkish growth fell into negative territory. Growth made it all the way down to -2.4% as of the final quarter of last year.

However, over Q1 this year, growth moved back up into positive territory. It hit 1.3% as a result of credit stimulus ahead of local elections. Following some significant adjustment over the last twelve months, the Turkish economy is now in much better health.

Inflation has also come down sharply. Headline CPI topped 25% in October last year and has now fallen back to 16.7% as of July this year. It is forecast to...

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