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.