When the ottoman empire collapsed between 1918 and 1922, many of the successor states retained the lira as their national currency. Lira (plural lirot or liroth or liras) the former currency of israel, superseded by the sheqel. Erdogan’s unconventional view that the way to tame inflation was to lower interest rates has, unsurprisingly, led to spiraling inflation and eventually a collapsing turkish lira.
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