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Black Market Exchange Rates in Turkey

In: Parallel Exchange Rates in Developing Countries

Author

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  • Sule Özler

Abstract

Black markets for foreign exchange have had an uninterrupted existence in Turkey’s history. The nature of the black market, however, showed a dramatic change with the onset of path-breaking, market-oriented economic reforms in the 1980s. From a position of very significant activity before 1980, both the level of activity and the premium on foreign exchange in the black market declined throughout the 1980s, becoming negligible as the Turkish lira gained convertibility in 1989. The importance of the Turkish experience is that a successful unification was achieved without an immediate threat of reversal.

Suggested Citation

  • Sule Özler, 1997. "Black Market Exchange Rates in Turkey," Palgrave Macmillan Books, in: Miguel A. Kiguel & J. Saul Lizondo & Stephen A. O’Connell (ed.), Parallel Exchange Rates in Developing Countries, chapter 9, pages 333-358, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25520-7_10
    DOI: 10.1007/978-1-349-25520-7_10
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