When the war with Iran began, I wrote a series of pieces about which countries would benefit from higher oil prices and who’d be hurt. Turkey was top of the list in terms of countries getting hurt, because it’s a large oil importer and because it heavily manages the exchange rate, which forces the central bank to prop up the Lira when a spike in oil prices - like now - exerts depreciation pressure. That isn’t how things have played out so far. The Turkish Lira has fallen about one percent against the Dollar since the end of February, which is less than the Brazilian Real (down two percent) or the Chilean Peso (down ... (full story)