Turkey tanks

Turkey took a few steps back from the brink last week. But the worst may still be yet to come.

A currency exchange in Istanbul.
(Image credit: Photo by Chris McGrath/Getty Images))

Turkey's crisis isn't over yet — it's just taking a breather.

After dropping to a record low of 7.24 lira per U.S. dollar, Turkey's currency rebounded on Friday morning to 5.77 per dollar. In fact, the lira was the best performing currency on Earth last week — and it wasn't even close.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.