Economy of the Ottoman Empire

Turkey's benchmark stock index hit its highest level of all times by climbing to 110,409.43 points during the afternoon session on Aug. 28.

Borsa Istanbul's BIST 100 index closed last week at 109,755.14 points and it started Aug. 28 at 110,175.25 points with a 0.38 percent hike.

Romania's oldest online travel agency Paravion.ro will undergo restructuring and shut its Turkish unit Bavul due to security issues in Turkey and currency depreciation, it said on Aug. 7.

Paravion took over online tourism platform Bavul, which has about 300,000 users, from Turkish mobile operator Turkcell in 2015.

The Turkish Lira strengthened early on April 17 after Turkey approved the presidential system in a tight referendum, with investors hoping the outcome would bring much-needed stability.

Most of the Turkish companies rated by Moody's are able to cope with the recent slide in the value of the Turkish Lira thanks to their foreign exchange reserves and foreign currency inflows, Moody's said March 9.        

The Turkish Lira appreciated against the U.S. dollar early on Feb. 23 amid hints from the Federal Reserve pointing to rate hikes as soon as March.       

The U.S. dollar/Turkish Lira rate dipped to as low as 3.5756 points, the lowest figure since Jan. 4, when the rate began its move toward its historic high of 3.9423 on Jan. 11.        

The Turkish Lira became a surprise winner on Jan. 30 by rising 1.2 percent in spite of Fitch's decision on Jan. 27 to cut the sovereign rating to "junk" and Standard & Poor's unexpected move to lower the outlook on Turkey's rating from "stable" to "negative."

Turkey's Central Bank on Jan. 24 increased the upper limit of its interest rate corridor to 9.25 percent from 8.5, a move that proved fruitless on the ailing Turkish Lira. 

The Central Bank's Monetary Policy Committee (PPK) kept its one-week repurchasing rate unchanged at 8 percent while the overnight borrowing rate was kept at 7.25 percent.

The Turkish Lira has recently become the worst fragile currency of 2017, even performing worse than the Mexico peso, which has been under big pressure since Donald Trump was elected as the new U.S. president. 

The Turkish Lira rebounded on Jan. 12 as dollar weakness helped it move off record lows while emerging stocks rose to two-month highs, led by strong gains in Russia and some Asian bourses.

Turkey's embattled lira took a new pounding on Jan. 11 on foreign exchange markets as emergency measures announced by the Central Bank failed to impress markets.

The Turkish Lira has lost almost 10 percent in value against the U.S. dollar since the start of this year alone, falling to 3.84 to the greenback, having earlier reached a new historic low of 3.89.