The turkish lira (tl) was officially devalued by the turkish government in february 2001 during a severe political and economic crisis. the turkish government announced on february 21 that the lira would be devalued by 20%. the spot exchange rate on february 2001 was tl 68,000/$.

(a) what was the exchange rate after a 20% devaluation?
(b) within three days the lira had plummeted to tl100,000/$. what percent change was this from the predevaluation rate?

a) The exchange rate after a 20% devaluation is TL85,000/$

b) The percent change was this from the predevaluation rate is -32%

Explanation:

a) exchange rate after devaluation = (exchange rate before devaluation)/(1 - Devaluation)

                                                      = TL68,000/(1-20%)

                                                       =  TL68,000/(0.80)

                                                        = TL85,000

Therefore, The exchange rate after a 20% devaluation is TL85,000/$

b) percentage change = (starting exchange rate - ending exchange rate)/ending exchange rate

                                      = (TL68,000 - TL100,000)/TL100,000

                                      = -TL32,000/TL100,000

                                       =  -0.32

Therefore, The percent change was this from the predevaluation rate is -32%

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