Devaluation and inflation are normal. However, as a large country, Turkey's currency devaluation in a short period of time will greatly affect the export trade of some countries.
The depreciation is mainly due to the Fed's tightening of monetary policy, rising global interest rates and a lack of sufficient foreign exchange reserves.
For example, on November 23, When Turkish users went to Apple's online store to shop, they found that the site was functioning normally, but they could no longer buy anything with Turkish lira. Apple suspended sales in Turkey after the lira plunged 15 per cent that day, briefly breaching the psychological barrier of 13 lira to the dollar and breaking an all-time high. Major brands are also taking steps to mitigate the impact of the lira's fall.

The dollar hit a record low of 13.44 against the Turkish lira on Wednesday after Turkey's central bank cut interest rates after President Recep Tayyip Erdogan reaffirmed his commitment to low interest rates. By comparison, the lira traded at around 5.6 to the dollar at the same time in 2019 and 3.5 in mid-2017.

The Turkish lira has fallen 45 per cent against the dollar this year and more than 20 per cent since last week in particular. The Turkish lira, already the worst-performing emerging market currency this year before its plunge on Tuesday, has further become the world's worst-performing currency.