Turkey's economy was already struggling before the coronavirus pandemic hit. It has few options to limit the impact of the crisis.
The financial crisis provoked by the lira's fall isn't the true drama in Turkey. The real drama is a democratic transformation threatens the increasingly authoritarian president, Recep Tayyip Erdoğan.
President Erdoğan is accusing the West of striving to destabilise Turkey.
The Turkish lira has dropped more than 15% this year against the US dollar.
Does the Turkish government have ulterior motives in its attempt to make Istanbul a global financial centre?
Quick measures by the central bank prevented a financial crisis, but investors are worried. Longer-term economic effects will depend on how long Erdogan's purge goes on.