The Turkish Lira plunged to an all-time low as President Recep Tayyip Erdoğan's new economic team initiated a rapid devaluation. The currency dropped 6.9% against the US dollar, with investors reeling from the market shock and significant losses in their portfolios.

Mehmet Şimşek, the new finance minister, promised to restore "rational" economic policies after years of government interference, but warned there would be no quick fixes. The foreign exchange market was heavily suppressed in the lead up to the election, leaving traders vulnerable to the catastrophic drop.

The plummeting Lira created panic among investors, who were desperate for some stability in light of the tumultuous changes. Economics experts commented that this move towards a more liberal approach might bring the lira closer to its real value - though many were dubious about whether this could be achieved anytime soon.

Turkey's Position Politically and Economically

Turkey boasts a large economic footprint in the Next Eleven countries, with an estimated GDP of 1.5 trillion dollars. As a powerful regional nation with a formidable military force, Turkey influences neighboring conflicts from the Balkans to Iraq, Iran, and Israel. Ankara is also one of the more moderate Muslim nations that can bridge the divide between the West and the Islamic world. In addition, it holds 90% of the freshwater of the Middle East region, allowing it to lend aid in cases of natural disasters. Moreover,

Turkey could be a key alternative to Russia in terms of supplying energy pipelines from western Asia to Europe if there were disruptions with the EU. If needed, Turkey could create new routes from Kazakhstan, Turkmenistan, and Iran/Iraq straight to Europe.