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Turkey's lira loses 34% of its value since September 2007 and its foreign exchange reserves are limited at $74 billion. It is setting up abackup facility for $10 billion from the IMF but has insisted that with its young population it needs strong growth to create jobs, and opposes any IMF requirement to scale back investment, government spending and growth targets.

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This exceptional report by Chulov in the Guardian shows the changes in the war in Iraq and Syria in 2015-2016 since the downing of a Russian jet by Turkey in late 2015. It says that the Syrian government's future was uncertain in late 2015 with Turkish support for rebel forces in the north. During this period Russia curtailed trade and tourism relations with Turkey, and improved relations with the Kurds. Russia intervened in northern Syria directly to prevent a collapse of Syrian government forces in the north. Kurdish forces were already controlling large parts of the Syrian territory adjoining Turkey, and Turkey was concerned about the support to Kurds within Turkey from Kurds in Syria and a historical movement for  Kurdish independence. In April 2016 Russia made a move to win Turkish support by saying it would support the territorial integrity of Syria, so that no support would be given to the Kurds. As the U.S. consistently supported the Kurds in the fight against ISIS, Turkey under prime minister Erdogan changed its policy of support for rebel forces in Syria to focus on what it perceived as the threat fom Kudish control of the region at its Syrian borders. Rebel forces were told to focus not on the Syrian government forces but on ISIS, leading to withdrawal of support in Aleppo. What remains now of the war in Syria and Iraq is Iranian influence in Iraq, the Russian influence from support of the Syrian government in Damascus, and for the first time U.S. ground forces in the north with 900 troops supported by artillery on the side of the Kurds. The next stage in the war to take ISIS controlled Raqqa is being negotiated between Russia, Turkey and the U.S., according to this report.  ...

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Turley's central bank cuts interest rates by 0.5% in April 2013.

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Kingsley of the NYT provides this report from Turkey describing the impact of the conflict with the Kurds inside and outside the country.

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Money traders in the alleys of the Grand Bazaar in Istanbul say the one third loss of value of the lira since 2013 and the continuous downward trend is unlike anything they have experienced before.

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David Ignatius reflects on the changes in Saudi Arabia under MBS particularly women's rights to education and participation in society, and women free to exercise fundamental rights. Kemal Ataturk brought these kinds of changes to Turkey in the 1920's, after Turkey's disastrous participation in the First World War and conflict with Greece and colonial powers.