“…Previous research has also analyzed determinants of the Turkish lira against the US dollar and currency crises in Turkey (Bilgin et al, 2019;Karabulut et al, 2010;Kassouri & Altintas ¸, 2020;Kyriazis & Economou, 2022;Sabri et al, 2022;Saraç & Karagöz, 2016;Tamgac, 2011). The proposed determinants of the currency crisis in 2000 include political instability, disagreement with the International Monetary Fund, fragility in the banking system, and macroeconomic as well as geopolitical uncertainty (Alper & Alper, 2003;Akyürek, 2006;Bilgin et al, 2019;Çes ¸meci & Önder, 2008;Kyriazis & Economou, 2022; 1 More precisely, the Turkish central bank not only failed to raise its policy rate at the end of 2021 but actually even cut it which is in contrast with standard theory.…”