The economic effect of the crisis in Eastern Europe is well felt in Turkey. The local pound lost at some point today about 1.5% set to 13.9025 to the dollar, close to its lowest rate this year. In view of the decline, the Central Bank has taken stabilization measures and as of this writing it is trading at a rate of 13.8.

The Turkish economy is in a dilapidated state and inflation is at a peak of close to 50%. The rise in energy input prices in the wake of the crisis is a difficult problem for Turkey, which imports most of them, so the high level of inflation is expected to continue.