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Turkey introduced an exchange-rate-based stabilization (ERBS) program in January 2000. The program seemed to be on track until the economy was hit by a sudden attack on the Turkish currency in November 2000. After a few months of muddling through, a second attack hit the currency in late February and Turkey declared that it was going to implement a floating exchange rate regime from that date onwards. This was not the first time experience with the ERBS however. In fact, since 1980 authoritiesdoi:10.5430/afr.v5n2p115 fatcat:xair45k44jemneitodeg6mfjvq