It enticed commercial banks to lend it dollars at high interest rates to stay flush with cash....
The banks then attracted customers to deposit dollar savings with even higher interest rates, turning a profit.In late 2019, the scheme collapsed when the pipeline of dollars slowed, sparking a panic and a run on the banks....
Its currency, the lira, which had been pegged at 1, 500 to the dollar for a quarter century, now goes for around 90, 000 on the black market....
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2023-08-23 00:00:00.0