Turkey's per capita income is barely $8,900. Its economy is suffering double-digit inflation and unemployment rates. A quarter of Turkish youth are unemployed. On September 21, the Turkish lira sank below a previous all-time low of 7.60 to the US dollar (and 8.99 to the euro). The economy has slowed down sharply (shrinking 9.9% in the second quarter), mainly because of the impact of the coronavirus pandemic. The central bank and state banks have sold some $120 billion in dollars since last year.