![A picture illustration shows a 100 Dollar banknote on top on various Turkish lira banknotes, taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention A picture illustration shows a 100 Dollar banknote on top on various Turkish lira banknotes, taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention](https://c8.alamy.com/comp/2D011JB/a-picture-illustration-shows-a-100-dollar-banknote-on-top-on-various-turkish-lira-banknotes-taken-in-istanbul-october-18-2011-the-turkish-central-bank-sold-around-300-400-million-in-its-intervention-in-the-forex-market-on-tuesday-traders-said-in-a-move-that-caused-a-rally-in-the-turkish-lira-at-1323-gmt-the-lira-stood-at-18530-against-the-dollar-firming-from-18675-before-the-intervention-the-lira-firmed-to-as-low-as-18475-after-the-intervention-reutersmurad-sezer-turkey-tags-business-2D011JB.jpg)
A picture illustration shows a 100 Dollar banknote on top on various Turkish lira banknotes, taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention
![Turkish lira banknotes are seen in this picture illustration taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention in the forex market on Tuesday, Turkish lira banknotes are seen in this picture illustration taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention in the forex market on Tuesday,](https://c8.alamy.com/comp/2D09BC3/turkish-lira-banknotes-are-seen-in-this-picture-illustration-taken-in-istanbul-october-18-2011-the-turkish-central-bank-sold-around-300-400-million-in-its-intervention-in-the-forex-market-on-tuesday-traders-said-in-a-move-that-caused-a-rally-in-the-turkish-lira-at-1323-gmt-the-lira-stood-at-18530-against-the-dollar-firming-from-18675-before-the-intervention-the-lira-firmed-to-as-low-as-18475-after-the-intervention-reutersmurad-sezer-turkey-tags-business-2D09BC3.jpg)
Turkish lira banknotes are seen in this picture illustration taken in Istanbul October 18, 2011. The Turkish Central Bank sold around $300-400 million in its intervention in the forex market on Tuesday,
![Steve Hanke on Twitter: "#Turkey is tanking. The lira just hit a record low against the USD, and inflation has skyrocketed to 32.1%/yr by my measure. With Pres. Erdogan's nutty Islamic ideas Steve Hanke on Twitter: "#Turkey is tanking. The lira just hit a record low against the USD, and inflation has skyrocketed to 32.1%/yr by my measure. With Pres. Erdogan's nutty Islamic ideas](https://pbs.twimg.com/media/E4Ik3gmWQAIfv7K.jpg)