Turkey's financial stress continues to be remarkably simple to explain: Turkey is running a current account deficit (now almost $25b on a trailing 12m basis, and more if you annualize the recent numbers) without the financing from the world needed to sustain such a deficit

The result, inevitably, is pressure on Turkey's reserves -- as reserve sales have been needed to make up for the shortfall in the financial inflows needed to sustain current account deficits

The biggest concern is that the trade deficit remains wide (a function of loose credit policies no doubt, they are being reigned in, but that has yet to compress the trade deficit)

Monthly imports are at pre-COVID levels, exports (including tourism exports) are not