In August 2018, the Turkish lira plunged to record lows against the U.S. dollar and the euro, triggered by a combination of high inflation, a large current account deficit, and a diplomatic dispute with the United States over the detention of an American pastor. The crisis led to a sharp contraction in the Turkish economy, a spike in corporate debt defaults, and a series of emergency measures by the central bank, including a massive interest rate hike. The event highlighted the vulnerability of emerging markets to shifts in U.S. monetary policy.

The Turkish currency crisis was a major theme in contemporary Turkish poetry and literature, with writers exploring the economic anxiety and political polarization that accompanied the crisis. The event inspired a number of Turkish poets to write about the social cost of inflation and debt, while also influencing the work of diaspora writers who reflected on the global dimensions of the crisis.