If I remember correctly, Erdogan publically said that he wants Turkey to follow the "China model" for development (actually it isn't China who pioneered the export-oriented model but who would expect Erdogan to study some history...)
So in his infinite wisdom, he is trying to create a drastic shock in order to artificially lower Turkish Lira's value in order to attract more investment in its industries
@Overbom bro that is a wrong strategy, the Russian did it during the Yeltsin era and look what happen? A total disaster which led to stagnation, alcoholism, increase in suicide rate and low birth rate. It also led to an oligarchy system that weakens the gov't control and function. It takes Putin 20 years to correct the mistake.
Also should learned from our experience during the 1997 Asian Crisis, where our industries and public utilities were sold for cheap (as demanded by WB and IMF), It was an economic imperialism, stealing the gains we had achieved and benefitting foreign Capital.(which cannibalized those industries and resold it at a premium)
AFAIK Turkey is actually industrializing right now, however this high exchange rate volatility is not good for the overall development of Turkey. Basically Erdogan wants Turkey to emulate China
Bro emulating China you need to take hard decision Not Populism and also a climate of peace and stability instead of pursuing a dream of an Ottoman Caliphate 2.0.
It missed the Bus regarding industrialization and Turkey should wake up from her illusion about joining EU, the West will never allow a strong Turkey, she should look East and settled all problems in her peripheries and focus on economic development, there is a chance with BRI as the Russian and the Chinese are receptive of Turkey participation.
