(Answered) Question lowering the lira the turkish lira tl was

Management Studies

Question: Lowering the Lira. The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic crisis. The Turkish government announced on February 21 that the lira would be devalued by 20%. The spot exchange rate on February 20 was TL68,000/$.

a. What was the exchange rate after devaluation?

b. What was percentage change after falling to TL100,000/$?

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